Turkey Gets $1.5 Billion From IMF
Deciding that Turkey met necessary conditions, the International Monetary Fund’s board Thursday approved a $1.5-billion loan installment for the Ankara government.
A statement issued after the IMF board met to consider the loan said Turkey could draw the funds immediately. So far, the government has received $4 billion of a $15.7-billion program to help it out of a financial crisis.
The IMF decision clears the way for its sister institution, the World Bank, to go ahead with a $1.7-billion loan to Turkey.
The IMF board meeting, which had been set for July 3, was postponed last week because the government had not fulfilled IMF requirements to reform the banking system and name nonpolitical appointees to the board of Turk Telekom, the state-owned monopoly that is slated for privatization. The bank took a similar step for the same reasons.
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