Encouraging IMF report to be released, says consulting firm...
Schroder, Salomon, Smith & Barney indicated that the IMF delegation, led by Turkey-Desk Chief Carlo Cottarelli, was pleased with developments on the economic front. They were also encouraged by the Parliaments Planning and Budgetary Commissions acceptance to restructure proposed legislation on privatization, the firm said, adding that this will facilitate the release of not only World Bank loans, but funds connected to the countrys IMF-backed three-year, $4-billion standby agreement.
The firm also indicated that additional economic measures Turkey has proposed as part of the governments 2001 budget would be considered after an additional letter of intent fromTurkey had been drafted and considered by the IMFs board.
Among other issues to be broached in the report, according to the firm, is how best to approach the sell off of 10 banks placed under government guarantee.
Banking circles in London, meanwhile, have indicated that Turkeys economic program should be viewed as a success compared to those of other developing countries, in which some have received twice the aid that has been offered Turkey.
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