Turkey secured a loan from the International Monetary Fund, three months after the expiration of another worth $19 billion. Reza Moghadam, the IMF's mission chief for Turkey, announced that the agency will release $10 billion to the Eurasian country over the next three years, with the first slice worth $837.5 million to be disbursed immediately. The new program, according to Moghadam, seeks to "create conditions for sustained growth that can continue to raise living standards in Turkey, reduce unemployment, and converge Turkey's economy with [the European Union] standards." The IMF also said yes to a one-year extension of the repayments worth $3.8 million next year so as to prevent "a spike" in 2006 repayments. At present, the country?s outstanding debt to the IMF stands at $20 billion.
Source: IMF Approves $10 Bln 3-Year Loan Program For Turkey (Dow Jones Newswires)
