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Washington (pte034/13.05.2005/14:09) - The International Monetary Fund http://www.imf.org has agreed on a US$ 10-billion credit for Turkey to help the country recover from two major financial crises and to help prepare it for its entry into the European Union.
Chief of IMF Rodrigo Rato said that Turkey had impressively progressed from decades of stagnant growth and runaway inflation. Having just granted the country the stand-by fund, which will run over three years, Rato said, "Turkey's economic performance is at its strongest in a generation."
An immediate first instalment of $837.5 million will be followed by 11 equal instalments over the following three years.
Turkey suffered two major financial crises, one in 1999 and one in 2001 - its worst since World War II - and since has averaged a growth rate of 8 per cent over the past three years, with inflation the lowest in 30 years.
"Together with the EU's decision to open accession negotiations," Rato said, "this signals a sea change in Turkey's economic prospects." Discussions regarding entrance into the EU will begin on 3rd October this year.
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