Erdoğan, speaking at his party’s Central Executive Board (MYK) meeting on Wednesday night, noted that Turkey’s conditions have been accepted by the fund. On Tuesday, State Minister and Deputy Prime Minister Ali Babacan had announced that Turkey had reached an agreement with the IMF over the length of a possible stand-by deal, stating that the two-year deal would be to support development in Turkey rather than pull Turkey out of an economic crisis.
According to information gathered by Today’s Zaman from sources at the Economy Ministry, the path to a new deal with the IMF will be determined in January. The estimated amount of funds that will be transferred to Turkey by the IMF will be about $14-15 billion, the same sources predicted.
The markets, however, responded cautiously to the news, pending official confirmation. “Yesterday, Economy Minister Babacan made similar yet more vague announcements regarding a proverbial IMF deal; however, the markets are now more skeptical because the story has been told too many times,” Tera Brokers said in a note. Repayment of Turkey’s current debts to the IMF, totaling $8 billion, is scheduled to be completed in 2013.
