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Turkey to Clear IMF Debt by April 2013

Posted on 04 October 2012

Turkey is to clear its remaining debt to the IMF by April 2013 according to Prime Minister Erdogan in a statement made last week.

“At the present we owe a total of $1.3 billion to the IMF and we will cut it to zero by next April,” Prime Minister Recep Tayyip Erdoğan said Sept. 30 at a Justice and Development Party (AKP) conference in Ankara, according to the Anatolia news agency.

Erdoğan explained that his party had inherited a debt of $23.5 billion to the IMF when it came to power in 2002, but now plans to lend the fund $5 billion. He also said that his party has reduced the country’s net debt stock from 61.5 percent in 2002 to 22 percent, and grown its domestic product (GDP) from $230 billion in 2002 to $774 billion in 2011. Finally Erdogan called attention to Turkey’s average annual growth rate of 5.3 percent between 2003 and 2011, up from 3 percent between the years of 1993 and 2002, and exports which reached the record high of $135 billion in 2011 up from $36 billion in 2002.

If you needed any more proof of the financial werewithall Turkey has built under the AKP party, how about a new loan agreement that will see Egypt borrow $1 billion from Turkey.

The AKP party’s next target is employment, which still stands at around 8%. The government hopes to bring this down to 5%. Erdogan revealed plans to allocate 1.5 billion liras to train 400,000 unemployed every year in addition to plans to decrease unregistered employment from 37 to 15 percent.

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