World Bank says Turkey needs $130 bln financing in 2009
Posted by meb at November 12th, 2008
Turkey needs $130 billion in foreign financing in 2009, resulting from short-term debt that needs to be rolled over, World Bank country director Ulrich Zachau told a conference on Wednesday.
The World Bank sees no problem with rolling over this debt, Zachau added in his speech at the International Finance Summit held in Istanbul.
Investors have been withdrawing from the Turkish economy as the global financial crisis has spread into emerging market economies and raised fears that some countries would be unable to finance their large current account deficits.
Turkey’s current account deficit is expected to hit $50 billion in 2008.
Turkey is considered vulnerable to further capital flight as it has yet to agree a new IMF stand-by loan facility, which expired in May, due to government spending plans ahead of the local elections in March 2009.
source: Hurriyet daily news
Related posts: