I.M.F. Executive Directors To Convene For Turkey On Wednesday

ANKARA (AA) - The IMF Executive Directors Board will convene for Turkey tomorrow (Wednesday).
     The Board is expected to approve the three-year stand-by agreement envisaging 10 billion USD of financial support to Turkey.
     Turkey signed the letter of intent on April 26th and sent it to IMF. The previous stand-by agreement ended on February 3rd, 2005.
     In addition to the letter of intent, IMF Executive Directors will also discuss Turkey's plan of paying back its debt to IMF.
     IMF had earlier decreased Turkey's 9.7 billion USD of debt (which it should have paid in 2004) to 5.2 billion USD, and 10.1 billion USD (which should be paid in 2005) to 7.8 billion USD.

2005-05-10