Moody’s says Turkey needs to secure IMF funds by autumn at latest
Posted by meb at May 27th, 2009
Moody’s Investors Service said on Wednesday that Turkey would need IMF financing later this year due to pressure on its external deficits but has room to do without a deal in the summer months.
Negotiations between Turkey and the IMF have so far failed to produce a loan accord, expected to reach $45 billion, due to differences over public sector spending and fiscal reforms.
A $10 billion IMF stand-by agreement expired in May 2008 and the current talks are aimed at a new three-year stand-by deal, but the government is increasingly reluctant to agree to demands from the fund for spending cuts. (more…)
