ANKARA - Turkey completed the last two stand-by arrangements with the International Monetary Fund (IMF) successfully.
Turkey has signed 19 stand-by deals with the fund so far, but it could only finalize the last two deals with success, economy bureaucrats said on Sunday.
Economy bureaucrats said that what was peculiar about the last two stand-by arrangements was that they were not made due to economic crises in Turkey.
The first time Turkey signed a stand-by deal with the IMF was on January 1st, 1961. This first arrangement lasted only a year and ended on December 31st, 1961.
Turkey`s second, third and fourth stand-by deals with the fund in 1962, 1963 and 1964 lasted shorter than a year.
Turkey made stand-by arrangements with the IMF every year from 1961 to 1970, and these deals were over before a year had passed.
The fund and Turkey did not sign any deals between 1970 and 1978. Turkey did not make any stand-by arrangements with the fund for ten years, starting from 1984 and ending in 1994.
Turkey has provided more than 50 billion USD from the IMF in 47 years.
The IMF will automatically take Turkey under post-program monitoring process after the current stand-by arrangements ended on May 9th.
In this process, an IMF delegation will visit Turkey for a few times within a year and prepare reports about Turkish economy, which will be regarded by international investors and financial institutions.
The IMF Executive Board completed on Friday the seventh and final review under the three-year SDR 6.66 billion (about USD 10.8 billion) Stand-By Arrangement for Turkey, which was approved on May 11th, 2005. The completion of this review enables Turkey to draw immediately the remaining balance under the arrangement, equivalent to SDR 2.25 billion (about USD 3.65 billion).
(BRC)