Turkey's Decision Not To Get Grant Of United States

FRATTO: ''THIS IS AN INDICATION OF THE IMPORTANT DEVELOPMENT SHOWN IN TURKISH ECONOMY IN THE PAST FEW YEARS''

WASHINGTON D.C. - Tony Fratto, Treasury Department spokesman on the House Subcommittee on Foreign Operations, said U.S. House of Representatives Committee on Appropriations used one billion US dollars loan, which it allocated for Turkey, for another goal, stating this was an indication of the important development Turkey has shown in the past few years.
In a written statement, Fratto said the agreement reached between Turkey and the United States about one billion US dollars grant helped preservation of economic stability in Turkey and boosting confidence in financial markets.
Fratto said, ''the Turkish officials were successful in implementing necessary financial and monetary reforms. This led to a strong growth and increased financial stability when those reforms united with the decision of the European Union (EU) to start entry talks.''
The statement said growth in Turkey was 5 percent in the past three years, and noted that inflation was at the lowest level in the past 30 years with 9.3 percent inflation rate at the end of 2004.
The statement said as Jim Kolbe, Chairman of the Foreign Operations Appropriations subcommittee, stressed decision of the committee indicated the remarkable progress made by Turkish economy.
U.S. House of Representatives Committee on Appropriations said it was obvious that Turkey would not take the one billion US dollars American grant which would be given to meet the economic loses stemming from the war in Iraq. The Committee proposed this loan to be added to the 81 billion U.S. dollars additional budget suggested by U.S. President George W. Bush for Iraq and Afghanistan.