IMF loan to help Turkey build on strong track record

• Pages: 140

Page 140

The IMF Executive Board signaled its continued support for Turkey's macroeconomic policy and reform efforts, which have helped to propel growth, lower inflation, and reduce debt in recent years, when it approved a new three-year loan for $10 billion on May 11. "Turkey's economic performance is at its strongest in a generation," said IMF Managing Director Rodrigo de Rato after the Board decision.

The authorities' new three-year program is designed to extend these gains in economic performance and reduce Turkey's remaining vulnerabilities.

Since the 2000-01 economic crisis, Turkey has implemented an ambitious program of macroeconomic and structural reforms, which delivered a decisive break with the country's history of high and variable inflation, and low and volatile growth. Turkey successfully completed the last IMF-supported program earlier this year. During 2002-04, growth has averaged 8 percent a year; annual inflation has fallen from...