ANKARA - United States wants to lend loan to Turkey under control of the International Monetary Fund (IMF) as Turkey will repay high amounts of debts to the IMF.
Sources said on Friday that the United States wanted the IMF to have control over the loan that it would lend to Turkey for continuation of economic program under Turkey's commitments and continuation of Turkey's borrowing program without any problem.
Turkey will repay 8 billion 241 million 220 thousand U.S. dollars in 2004, 8 billion 968 million 570 thousand U.S. dollars in 2005 and 2 billion 318 million 420 thousand U.S. dollars in 2006 to the IMF.
Sources said that Turkey was planning to get a loan from the United States under a possible military action against Iraq but it felt concern that the loan might negatively affect its borrowing credibility so it wanted to get a ''Reserve Fund'' instead of a U.S. Treasury guaranteed borrowing facility.
Reserve Fund is known as a loan that compensates risk or damage to be caused by unexpected conditions, and the U.S. administration lends this loan to specific countries.
The United States forms a reserve fund for a country that it is going to extend aid. These loans are considered long-term loans that have reasonable conditions like low interest rates.
(MS-AÖ) 21.02.2003