Turkey – There is no need for IMF, says Babacan

Posted on 14 February 2011

Date: 15/04/2010
Turkey – There is no need for IMF, says Babacan

The Turkish state minister responsible of economy said on Thursday that there was no need for International Monetary Fund, or IMF, loans.

Turkey‘s State Minister and Deputy Prime Minister Ali Babacan said an IMF delegation would arrive in Turkey on May 12 and stay in the country for about two weeks to hold regular consultations. “However, we do not need any IMF resources,” Babacan told a televised interview.

Babacan said he would not attend IMF-World Bank spring meetings, but will send the Treasury’s undersecretary. “But I will attend the G-20 summit in Toronto in June,” he said.

Turkey is the only country that raised its investment ratings by one or two grades despite the economic crisis, however its rating is still not at the desired level, said Babacan, adding that Turkey could return to pre-crisis growth levels if it continues to grow 5 or 5.5 percent.

Babacan said Turkey started to recover in the last quarter of 2009, and unemployment was up by almost 1 million people, and forecast that the unemployment rate would be back to its pre-crisis level in a few years.

15/04/2010 Hurriyet Daily News

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