WASHINGTON - The Executive Board of the International Monetary Fund (IMF) completed on Thursday the sixth review of Turkey's economic performance under the Stand-By Arrangement and approved the disbursement of an amount equivalent to 502 million U.S. dollars.
A statement of IMF said that in completing the review, the Executive Board granted Turkey's request for waivers for the non-observance of two structural and one quantitative performance criteria.
The statement noted that the waivers related to the end-September structural performance criterion on reducing overemployment in state economic enterprises; and the end-October criteria for legislation improving the effectiveness of the Banking Regulation and Supervision Agency (which was later passed in December) and the cumulative primary balance of the consolidated government sector.
Turkey's Stand-By Arrangement was approved on February 4, 2002 in a total amount of 19 billion U.S. dollars.
So far, Turkey has drawn 16 billion U.S. dollars under the arrangement.
(BRC-AÖ) 19.12.2003