Turkey to continue reforms with or without IMF deal- minister says

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Turkey to continue reforms with or without IMF deal- minister says
Oluşturulma Tarihi: Kasım 02, 2008 12:59

Turkey would continue its progress to fulfill reforms with or without the International Monetary Fund (IMF), Turkey's Economy Minister Mehmet Simsek said on Sunday, the Anatolian Agency reported.

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"We will do everything that is to the advantage of Turkey. The Turkish government is eager for any program that will restrict the impact of the global crisis on Turkey and at the same time strengthen the reform process," Simsek said when asked about a possible IMF deal in the southeastern province of Gaziantep.


Turkey has been holding talks with the IMF for a potential precautionary stand-by loan to partly address market worries. However the government is extremely reluctant to sign a new deal and claims the economy is sound despite the global economic crisis.

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Turkey's previous $10 billion IMF stand-by deal -- which stipulated conditions related to loans -- expired in May.


"We have earlier fulfilled reforms without the IMF. We made social security and energy market reforms. However, if the presence of the IMF is to limit the impact of the crisis, we do not have any prejudice against this," Simsek said.


Simsek said "rapid growth", "negative effects caused by rising energy prices", and the "current account deficit" are cyclical fragilities of Turkey, adding that, "in order to prevent the fragilities in question to become a problem, we will improve fundamental macro economic structure of the country, we will continue to make reforms and we will progress."


Business leaders have called on the government to secure another loan deal to help limit the fallout from the global financial crisis that has already forced Ukraine, Iceland and Hungary to seek IMF help.


Prime Minister Tayyip Erdogan had also earlier said that a deal with IMF was not necessary and that the government would not accept harsh agreement terms, adding that only a flexible deal would be only be considered.


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