ANKARA - The International Monetary Fund and Turkish authorities have completed consultations on Turkey's economic progress under a 10-billion-dollar (7.0-billion-euro) IMF credit program, officials said Friday.
"We have wrapped up talks on ... a review of the stand-by credit agreement," said Turkish Economy Minister Mehmet Simsek at a press conference.
The head of the IMF office here, Lorenzo Giorgianni, said the Fund would complete its own analysis in February before approving a new infusion of funds.
The current IMF credit arrangement with Turkey, signed in May 2005 and due to expire in May next year, replaced an agreement in 2001 that enabled Ankara to overcome a severe financial crisis.
Between now and May the Turkish government muset decide if it wants to apply for fresh IMF funds.
"The decision is up to Turkey," Giorgianni said, suggesting that Turkey was now capable of confronting international economic pressure without IMF assistance.
Simsek said parliament in January should approve a major overhaul of the country's social security system, which has long been demanded by the IMF as a means to reduce public spending.
He added that the Turkish economy was expected to expand by around 4.0 percent this year, below the official target of 5.0 percent.
But he stressed that "the potential for growth in Turkey was high."
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12/21/2007 13:16 GMT