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    Turkish business leader calls for IMF deal with financial support

    HotNewsTurkey Staff
    21 Ekim 2008 - 16:33Son Güncelleme : 21 Ekim 2008 - 16:53

    An International Monetary Fund (IMF) agreement with a financial credit package would be more appropriate for Turkey under the current conditions, a Turkish business leader said on Tuesday.

    "We were forecasting a credit package totaling between $16-$20 billion in the latest IMF agreement. The same kind of agreement that would enable the use of funds as required would be beneficial," Arzuhan Dogan Yalcindag, the chairperson of the Turkish Business Industrialists’ and Businessmen's Association (TUSIAD) said.
     
    "The IMF agreement should not be perceived as a weakness... An IMF agreement is more important than it was six months ago," Dogan Yalcindag added.

    The latest $10 billion stand-by deal expired in May and the government is yet to decide on the new form of future relations. The expired IMF loan deal was seen as the major anchor of the Turkish economy in its recovery period after the devastating economic crisis in 2001.

    TUSIAD, an influential business group, has been expressing its concerns over the economic crisis for a while and urging government to focus on the economy. The Turkish government has recently intensified its contact with the Turkish private sector holding a series of meetings with business leaders and sector representatives.

    "The Lehman Brother's bankruptcy was the peak point of the global crisis. Thirty-five days have passed since then. I wish, the government had called us a month earlier, during those days," she said adding that achieving their first goal to sit at one table with the government was a positive development.

    "We met for the first time on Saturday and again on Monday. These meetings are on track."

     

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