Turkey To Present Supplementary Letter Of Intent To I.M.F. After Local Elections

ANKARA - Turkey is expected to present Supplementary Letter of Intent about the 7th review to the International Monetary Fund (IMF) following the local elections on March 28, 2004.
Sources told A.A on Thursday that works on the Supplementary Letter of Intent including an allocation deduction of 13 percent to remove the deficit of 7 quadrillion Turkish liras (TL) and a package of measures to create income were about to finish.
The IMF Board is expected to convene in April to finalize the 7th review.
After approval of the 7th review, the IMF Board will release another tranche of loan worth of 500 million U.S. dollars.
Earlier, the sides decided to reduce the number of next reviews from four to three.
Under the new agreement, the IMF will release a tranche of loan of nearly 660 million U.S. dollars instead of 500 million U.S. dollars following each reviews.
(UK-AÖ) 25.03.2004