ANKARA - IMF Executive Board approved the 6th review and letter of intent under stand-by arrangement of Turkey, and released the loan tranche worth of nearly 1.135 billion USD, stated Turkish Treasury Undersecretariat on Friday.
According to the letter, "although the sale of electricity distribution and generation companies, Tekel tobacco, and state shares in several other companies have met with delays, we remain committed to the full privatization of these and other entities in the Privatization Agency portfolio in the 2007 to 2009 timeframe, and we are continuing to lay the necessary groundwork."
"Meanwhile, we are proceeding with plans to privatize Petkim petrochemicals company in the coming months," added the letter.
According to the schedule in the Letter of Intent, the loan tranche of 7th review can be used earliest in the beginning of July, loan tranche of 8th review in December 2007, 9th and last review earliest in March 2008.