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    IMF deal with Turkey may be messy

    Bloomberg
    24.04.2009 - 00:00 | Son Güncelleme:

    ISTANBUL - The International Monetary Fund’s estimate for a 5.1 percent contraction in Turkish gross domestic product this year may make agreement on a new loan accord with the country more difficult, Royal Bank of Scotland said yesterday.

    The fund’s prediction for economic output contrasts with the government’s target of a contraction of 3.6 percent in 2009, Tim Ash, head of emerging-market economics at the London-based bank, said in an e-mailed report.

    "The IMF’s more bearish real GDP growth forecast could complicate negotiations over a new program with Turkey, as this would suggest an even wider budget deficit/budget financing need for 2009," he said.
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