IMF, Turkey set for loan review talks April 4

Initiatives

Turkey will hold talks with the International Monetary Fund on a review of a $10 billion standby deal on April 4, the Treasury said on Wednesday.

Last month the International Monetary Fund said that two reviews remained under Turkey’s current standby agreement, but it is unclear how and when Ankara and the fund would complete the reviews before the loan program expires on May 10. The IMF mission in Ankara was not immediately available for comment. Turkey and the fund have not yet discussed what happens once the country’s loan program expires.

Investors, wary of Turkey’s reliance on external financing, have been clamoring for information on the country’s plans once the current IMF program expires. The Turkish program has been an anchor for its economy ever since a 2001 financial crisis. A key IMF concern lately has been Turkey’s failure to pass the delayed reforms of its social security system. Parliamentary approval of the reform, which will raise retirements ages in Turkey, is needed for the release of the next IMF loan tranche in Ankara. Parliament is currently debating the reforms. (Reuters)

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