turkish imf negotiations called off says pm
News Posted On: 12 March 2010
Turkey has discontinued talks with the International Monetary Fund aimed at agreeing a new stand-by agreement for the country. Turkey previously had a $10million standby agreement, which expired in May. Since then, despite reports that an agreement was close, the talks have ultimately failed.
Turkish Prime Minister Recep Tayyip Erdogan said that the two sides differ on some of the IMF's key requirements, and that Turkey is now ready to stand on its feet.
Turkey is growing into a real regional power, and it is widely believed that Erdogan would only have accepted the IMF's terms if it was really necessary, because to do so would weaken Turkey's image as a growing regional superpower.
Meanwhile equity funds have shown their confidence in the long-term growth prospects of Turkey, with a $200million investment in 8 Turkish businesses by three private funds. Investco has brokered the deals through its wholly-owned Verusa Venture Capital. Investco Chairman said that the funds have been unaffected by the political situation, because they are investing with a long-term view.
"They have a long-term view on Turkey. Thus, they do not change investment decisions after politicians say something," he said.
The writing has been on the wall that the IMF deal would not be reached, Turkey's economy has shown signs that its recovery will be strong, and things like visa-free agreements with several countries in the region have boosted tourism growth. Turkey has also been very active in negotiating increased trade agreements with many countries around the world over the past several months.
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