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IMF report to be optimistic

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IMF report to be optimistic

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 Parliament’s Planning and Budgetary Commission’s 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 country’s IMF-backed three-year, $4-billion standby agreement.

       The firm also indicated that additional economic measures Turkey has proposed as part of the government’s 2001 budget would be considered after an “additional letter of intent” fromTurkey had been drafted and considered by the IMF’s 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 Turkey’s 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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Encouraging IMF report to be released, says consulting firm...