Türkiye and World Bank Sign Loan Deal to Bolster Economic Resilience

State Minister Ali Babacan and World Bank Türkiye Director Andrew Vorkink appeared together at a joint press conference in Ankara in July 2006 to announce progress on structural economic cooperation between Türkiye and the institution.

Babacan credited his government with completing major fiscal and structural reforms that previous administrations had left unfinished, saying the efforts had made Türkiye better able to withstand economic shocks. He linked the reform agenda to the government's Urgent Action Plan, its development strategies, and Türkiye's broader EU accession process.

The minister outlined two main pillars of the Türkiye-World Bank structural reform partnership: the Programmatic Financial and Public Sector Adjustment Loan (PFPSAL III) and the Programmatic Public Sector Development Policy Loan. PFPSAL III covers reforms in fiscal management, the banking sector, and agriculture.

Türkiye formally signed the agreement on the Programmatic Public Sector Development Policy Loan at the conference, a step Babacan described as significant for strengthening the economy against external pressures.

Historical summary. TurkishPress restated this wire report, first published in July 2006, in its own words.