Posted by meb at April 5th, 2009

Turkey aims at signing a three-year long loan agreement with the International Monetary Fund as soon as possible, the country’s economy minister Mehmet Simsek said, Sabah daily reported on Sunday.

Simsek said a three-year deal would be more beneficial than an 18-month long agreement, not only in terms of the funds obtained, but also because of its importance in terms of providing a stronger structural framework and extending the predictable term.

Turkey is expected to invite an IMF delegation soon and hopes to sign the deal as soon as possible, Simsek was reported as saying.

Turkey agreed to resume talks with the IMF this month after negotiations broke down in January over government spending and steps to tighten tax inspection. The nation needs support to bolster investor confidence, buoy the lira and cut its borrowing costs on international markets

Simsek did not specify the size of the loan Turkey is seeking and declined to say how much the government will have to reduce spending in order to win the assistance.
source: Hurriyet daily news

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