IMF starts mission to Turkey on new 10-billion-dollar credit line

ANKARA - A team from the International Monetary Fund met Turkish officials here Monday to work out final details of a new 10-billion-dollar credit line for the country, press reports said.
Turkey and the IMF agreed on the broad outlines of the arrangement in December. A previous credit line, accorded in 2002 and worth 16 billion dollars, expired in February.
Turkey has staged an economic comeback following a severe financial crisis in 2001 that led to a 7.5 percent contraction in gross domestic product, runaway inflation and massive lay-offs.
The rebound required harsh austerity measures.
The current talks are to deal with planned reforms to the Turkish social security apparatus as well as legislative amendments in the banking sector that have been sought by the IMF.
In addition, figures contained in a letter of intent sent by the government to the IMF are being revised in light of recent developments here, notably a 9.9 percent surge in growth last year.
The IMF mission is expected to last about 10 days.

04/04/2005 08:41 GMT