Türkiye has reduced its IMF obligations from 23.5 billion USD to 11.8 billion USD since the Justice and Development Party (AKP) formed its government, State Minister Ali Babacan announced at a press conference in Ankara.
Babacan said the existing IMF stand-by agreement remains in force through May 2008, which he described as significant for the country's medium-term economic priorities. He added that periodic fluctuations in inflation should not alarm businesses or investors.
The minister emphasized that Türkiye's long-term prosperity hinges on attracting direct foreign investment rather than relying on international lenders. In global investment circles, he noted, Türkiye is regarded as a "Rising Star."
To improve the investment climate, the government has submitted legislation to parliament, dated 4 April 2006, to create a Turkish Investment Support and Publicity Agency. The body, to be attached to the prime ministry, would coordinate investment-related administrative matters across relevant ministries. Babacan said structural reforms would continue, with the private sector expected to drive balance across economic sectors.
Historical summary. TurkishPress restated this wire report, first published in May 2006, in its own words.