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Turkey may get $6 billion loan in case of stand-by, economists
Economists told the Anatolia news agency that Turkey might get minimum 6 billion USD of loan without any need for a special agreement thanks to the recent decision of the fund to make an additional source increase.
On August 28, 2009, the IMF raised its funds to 250 billion USD, and allocated 100 billion USD of it to group of countries, including Turkey.
One of the main disputes between the Fund and Turkey was the resources allocated by the central government to local governments, and the other was the autonomy of the Revenues Administration.
Turkey has notified the IMF that it has definitely set tax penalties, and will implement a broad legal system.
There will be a tax regulation which can clearly be understood by everybody, and tax rates will be fair and transparent. Also, an efficient and broad audit and sanction system will be implemented.
Also, economists said that the IMF loan would be used to allocate indirect resources to the private sector.
Turkey has signed 19 stand-by arrangements with the IMF, but it could successfully complete only the last two of them.
Stand-by arrangement is one of the mostly-used IMF mechanisms. It generally covers one to three years, and it conditions use of IMF loan on certain terms.
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