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US$1.5 billion to arrive on Friday

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US$1.5 billion to arrive on Friday

The US$1.5 billion portion of the US$3.8 billion IMF loan arrives in Turkey on Friday. The remaining portion will be provided by the end of May...


The IMF will make available a total of US$ 19 billion (SDR 15 billion) within a period of three years and the US$12.8 billion will be provided this year. Further drawings of SDR 1.2 billion (about US$1.5 billion) each will be made available not earlier than June 25 and July 25 and of SDR 2.4 billion (about US$3 billion) each not earlier than September 20 and November 15 following the completion of further reviews of the program.

        The World Bank is also expected to release US$2 billion following its Board of Directors’ meeting in June. Meanwhile, the IMF’s regular Review Visits to Turkey will resume in June. The IMF team headed by Juha Kahkonen will come to Turkey in mid June for the eighth review. Once the team decided the performance criteria for this review have been met it will make a recommendation for the release of yet another US$1.5 million portion of the loan after 25 June. Starting in June the IMF team will make monthly visits for the first two months which will be followed by bi-monthly visits starting in August.

       

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The US$1.5 billion portion of the US$3.8 billion IMF loan arrives in Turkey on Friday. The remaining portion will be provided by the end of May...