Turkey fails to Convince IMF to exclude some investments from primary surplus calculation

ANKARA - The International Monetary Fund (IMF) did not approve the proposal of the Turkish economy management to exclude some foreign-credit investments from the primary surplus calculation in 2005, sources said on Sunday.
Sources told A.A correspondent that the IMF did not approve exclusion of some foreign-credit investments like Istanbul Strait tube crossing, Bolu Mountain tunnel, and Black Sea coastal highway from calculation of primary surplus in 2005.
However, appropriation above the average would be allocated to such projects, the same sources stated.
The sources added that investment budget for 2005 was set as 9.6 quadrillion Turkish liras (TL) when the private funds were excluded from this calculation, and this meant 50 percent rise in investments made in 2004.
(BRC) 24.10.2004