WASHINGTON D.C. (A.A) - 16.04.2002 - International Monetary Fund (IMF) Executive Board on Monday completed the first review of Turkey's new stand-by program and released tranche worth of 1.1 billion U.S. dollars.
A brief statement was issued after the IMF Executive Board meeting and said Turkey could withdraw the credit in question immediately.
The credit is expected to reach Turkey by the end of the week following completion of necessary transfer proceedings.
It said the Executive Board of the IMF today completed the first review of Turkey's economic performance under the three-year stand-by credit. The decision will enable Turkey to draw up to SDR 867.6 million (about 1 billion U.S. dollars) immediately.
The stand-by credit was approved on February 4, 2002 in a total amount of SDR 12.8 billion (about 16 billion U.S. dollars). So far, Turkey has drawn SDR 7.3 billion (about 9 billion U.S. dollars).
Meanwhile, it was reported that Executive Board, the decision organ of the World Bank, will convene today to discuss the 1.3 billion U.S. dollars public sector and financial adjustment credit, planned to be provided to Turkey.