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    Turkey can borrow up to $8.8 bln if IMF raises quotas for emergings

    HotNewsTurkey Staff
    25 Ekim 2008 - 11:32Son Güncelleme : 25 Ekim 2008 - 12:04

    Turkey can use as much as $8.8 billion of financial support from International Monetary Fund (IMF) which is planning to increase the borrowing quotas five folds for the member emerging countries.

    According to the plan, Turkey can borrow some $8.8 billion when its 1,191 billion SDR ($1.772 billion) quota is taken into consideration.

     

    The new IMF plan echoes initiatives in the U.S. and Europe to provide funding to arrays of banks to avert a financial-system collapse.

     

    Under the program, countries would be able to borrow as much as 500 percent of their quota -- the capital they agree to contribute to the IMF, the fund officials told Reuters news agency on Friday.

     

    Normally, the emerging countries may borrow as much as three times their quota. The standard IMF loan term is three to five years.

     

    TURKEY COULD USE FUNDS

    Turkey would be able to use this financial source without signing a new deal with the IMF, Vatan daily also said.

     

    Receiving financial support from IMF would contribute Turkey’s efforts to minimize the effects of the global financial crisis which spread into emerging markets

     

    The decision is seen very crucial at a time when cash flows out of the country, the report also said.

     

    Turkey's last 10 billion dollar-stand-by deal expired in May and the government is yet to decide on the new form of relations with the IMF.

     

    The markets are anxiously waiting for the Turkish government to seal a new agreement with the IMF amid the global economic turmoil. IMF agreements and the EU membership process are seen as key anchors of the Turkish economy.

     

    An IMF delegation is currently holding talks in Turkey as part of the fund’s post-program monitoring activities.

     

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