Turkey requires some $30 billion external funding in 2009 - CB

"We see no problem regarding relations with the IMF. An announcement for a loan deal would be made public in the near future," Central Bank Governor Durmus Yilmaz told reporters at a luncheon with economy correspondents on Sunday.

 

Turkey's external financing requirement will be about $30 billion, Yilmaz said.

 

An IMF delegation is in Ankara to hold talks with Turkish officials on a new loan program which is expected to include $15-20 billion of financial support.

 

The bargaining with IMF continues on the revisions of macro economic issues and fiscal policies, Yilmaz said. Firstly, these revisions, including growth rate, would appear in the letter of intent, he added.

 

The Turkish economy has been very strong in recent years, having grown 9.4 percent in 2004, 8.4 percent in 2005 and 6.9 percent in 2006. But growth slowed down to 4.6 percent in 2007 and decreased to a mere 0.5 percent in the third quarter of 2008.

 

The letter of intent should also be signed before the upcoming March bi-elections, Yilmaz also said.

 

The government is under pressure from the business world and markets to cut a deal with the IMF as the impact of the global crisis becomes increasingly felt by the local economy.

 

 

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