ANKARA - State Minister Ali Babacan said on Monday that the International Monetary Fund (IMF) Executive Board would release almost 500 million U.S. dollars of loan tranche after it decided that the fifth review had been completed.
Babacan held a press conference that the letter of intent reflecting the developments recorded within the scope of the economic program and the future policies was expected to be sent to the IMF Executive Board in the second half of June.
Talks with the IMF delegation were completed in a short time as technical preparations had been made beforehand, Babacan noted.
Babacan said that World Bank delegation headed by Vice President Johannes Linn held meetings with Turkish officials as a part of the loan program to be used by Turkey.
Agreement was reached on use of 4.5 billion U.S. dollars of World Bank loan package by Turkey in the following three years time, Babacan announced.
Babacan pointed out that almost half of the source to be provided by the World Bank was comprised of ''program loans'' and would be used to support the public sector social security, finance sector and local administrations reform.
''Project loans'' would be used in fields like agriculture sector, export, encouragement of small and medium scale enterprises, and reduction of losses to stem from earthquakes, Babacan said.
Babacan noted that positive economic developments were seen by all parts of the society and as the work on structural reforms progressed, more concrete developments would be reflected to daily life.
Positive developments in Turkey were carefully watched and appreciated not only in the country but also abroad, Babacan pointed out.
Babacan said, ''I would like to state that economic developments in Turkey have been closely followed and appreciated especially in our recent international contacts. Confidence in our country is rapidly increasing.''
''Reforms and clear expression of ourselves and promotion of Turkey had positive contributions on this positive point of view,'' Babacan added.
(BRC-UK) 02.06.2003