Turkey : request for stand-by arrangement and extension of repurchase expectations / / prepared by the European department in consultation with other departments

• Record Nr.: UNINA9910808875903321
• Pubbl/distr/stampa: Washington, D.C., : International Monetary Fund, 2005
• ISBN: 1-4552-3482-6; 1-4527-1563-7; 1-283-55891-2; 1-4527-1946-2; 9786613871367
• Edizione: [1st ed.]
• Descrizione fisica: (141) p
• Collana: IMF country report ; ; 5/412
• Soggetti: Fiscal policy - Turkey; Turkey Economic conditions
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Bibliographic Level Mode of Issuance: Monograph
• Nota di contenuto: Intro -- Request for Stand-By Arrangement and Extension of Repurchase Expectations April 26, 2005 -- Contents -- I. INTRODUCTION: SUSTAINING AND ADVANCING RECENT GAINS -- II. A FAVORABLE ECONOMIC BACKDROP TO THE NEW PROGRAM -- III. THE AUTHORITIES' THREE-YEAR PROGRAM -- IV. PROGRAM MODALITIES -- V. STAFF APPRAISAL -- APPENDIX I Fund Relations -- APPENDIX II IMF - World Bank Relations -- APPENDIX III Report on Exceptional Access for Request of Stand-by Arrangement -- ATTACHMENT 1 Letter of Intent and Memorandum of Economic and Financial Policies -- ANNEX A Proposed Schedule of Purchases -- ANNEX B Quantitative Performace Criteris and Indicative targets for 2004-05 -- ANNEX C Structural Conditionality 2005 -- ANNEX D Monetary Targets -- ANNEX E Targets for Net International Reserves -- ANNEX F Fiscal Targets -- ANNEX G Program Baseline for Treasury Net Lending -- ANNEX H Short-Term External Debt Ceilings -- ANNEX I Medium- and Long-Term Debt Ceilings -- ANNEX J Program Exchange Rates -- Turkey-Assessment of the Risks to the Fund and the Fund's Liquidity Position -- Requests for ; Stand-By Arrangement and Extension of Repurchase Expectations May 6, 2005 -- IMF Executive Board Approves US10 Billion Stand-By Arrangement for Turkey -- Statement by Willy Kiekens, Executive Director for Turkey and Levent Veziroglu, Senior Advisor to Executive Director May 11, 2005.
• Sommario/riassunto: This paper discusses Turkey’s Request for Stand-By Arrangement (SBA) and Extension of Repurchase Expectations. Turkey’s economic program has delivered impressive results. Output has grown rapidly, inflation has fallen to its lowest level in a generation, and government debt has declined markedly. However, significant vulnerabilities remain. The authorities have prepared a three-year economic program for which they are seeking the support of the IMF. Implemented successfully, the program should help Turkey converge toward the economies of the European Union and exit successfully from IMF financial support.