IMF loan helps Turkey focus on economic growth
The International Monetary Fund (IMF) will visit Turkey next month for a review of a $10 billion (~£5.1 billion) loan programme that will drive growth in the country's economy.
Implementation of the government's economic agenda for 2007 will be the focus of the review, and will encompass the budget, tax policy, social security and banking sector reforms, the Turkish Daily News reports.
"The primary focus will be on policies to bolster competitiveness, foster employment generation and further strengthen financial and economic fundamentals so as to enhance the economy's medium-term growth potential," said Hugh Bredenkamp, the IMF's senior representative in Turkey.
Although some structural reforms have not been carried out as quickly as planned, the IMF is likely to be lenient toward Turkey as it holds presidential and general elections this year.
The programme of loans from the lender helped Turkey out of a financial crisis, but Prime Minister Recep Tayyip Erdogan has affirmed the country's increasing financial stability, showing it to have cut its debt to the IMF from $23 billion (~£11.7 billion) to $8.5 billion (~£4.3 billion).
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