WASHINGTON/ANKARA (A.A) - 07.08.2002 - International Monetary Fund (IMF) Executive Board on Wednesday approved to release nearly 1.1 billion U.S. dollars tranche of loan to Turkey.
IMF issued a statement and said Third Review, in which Turkey's economic performance was evaluated within the framework of three-year Stand-By, was completed, and that release of new tranche of loan was approved.
Turkey will be able to draw the 1.1 billion U.S. dollars tranche of loan, which is at the level of 867.6 million SDR (special Drawing Rights), immediately.
Turkey has already used 12 billion U.S. dollars of the 17 billion U.S. dollars credit which IMF committed.
WORLD BANK CREDIT TO BE RELEASED NEXT WEEK
World Bank will approve 450 million U.S. dollars tranche of loan of the Programatic Financial and Public Sector Adjustment Loan (PFPSAL-2) to Turkey next week.
World Bank officials told A.A correspondent that the Turkish government last week had fullfilled the precondition that was necessary for the credit, stressing that the tranche of loan will be released following the procedure in the World Bank.
With the precondition in question, the Turkish government had sent financial control and domestic financial control bills to the Parliament.
The World Bank Executive Board on April 16 approved PFPSAL-2 loan worth of 1.350 billion U.S. dollars.
The bank will release the PFPSAL-2 in three equal tranches each of which is 450 million U.S. dollars.
There is no need for the World Bank Executive Board to convene to release the tranche.