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    IMF set to release $1.6 billion loan

    Hürriyet Haber
    26.10.2005 - 11:13 | Son Güncelleme: 26.10.2005 - 11:13

    Turkey is set to receive a $1.6 billion loan from the International Monetary Fund (IMF) in December, officials said on Tuesday. The loan was stalled under a stand-by deal back in July following delays in reforms sought from Ankara. "We have agreed in principle on a draft letter of intent and on the policy steps needed for the completion of the reviews by the IMF executive board by mid-December," the head of IMF's Turkey desk chief, Lorenzo Giorgianni, told a joint news conference with Economy Minister Ali Babacan.

    If Turkey's progress is approved by the board, it would release about $1.6 billion dollars, the total of the second and third loan tranches envisaged under a three-year $10 billion stand-by program agreed in May, Babacan said.

     

     

     

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