Turkish State Minister For Economy Says Current Balance Of Payments Is In Line With Market Expectations

FRANKFURT - Turkish State Minister Ali Babacan for Economic Affairs said on Friday that the current balance of payments was in line with market expectations.
Before he departed from Frankfurt, Germany where he informed international investors about developments in Turkish economy, Babacan told reporters that the year-end 12 percent inflation target could be reached.
Babacan noted that the new three-year economic program (in Turkey) would give priority to structural reforms that would guarantee a decrease in inflation rate.
Stating that they expected to hold a meeting with the International Monetary Fund (IMF) after mid-September, Babacan said, ''the new economic program will stay in force for three years. This program is an EU pre-accession economic program. We will start negotiations with the IMF on how a new stand-by deal, taking this program as the basis, can be made.''

-EU COMMISSION'S DECISION-

Babacan stated that Turkey was looking forward to hear about the decision that the European Union (EU) Commission would take about Turkey's EU bid, and said, ''we have positive expectations. Coming days are very important for Turkey. Another important matter is direct foreign investments.''
Noting that 1.8 billion U.S. dollars of direct foreign capital had flowed in Turkey in the first seven months of this year, Babacan said that an additional 400 million U.S. dollars of foreign capital flowed in Turkey in July.
Babacan pointed out that more direct foreign capital inflow was recorded in Turkey thanks to economic and political stability, and the positive measures taken by the government in order to rehabilitate the investment environment.
(BRC-ULG) 03.09.2004