ECONOMY

IMF to end Turkish visit next Tuesday

ANKARA (Reuters) – An International Monetary Fund (IMF) team currently in Turkey for the latest review of a $16-billion lending pact is due to complete its inspection and leave the country next Tuesday, treasury officials said yesterday. Payment of the latest $1.1 billion loan tranche is dependent on the review, which started on May 15. The IMF board is expected to meet in mid-June to approve the loan payment. The treasury officials said IMF Turkey desk head Juha Kahkonen was expected to hold a news conference before their departure either on Monday or Tuesday next week. Turkey became the IMF’s biggest debtor in February when it signed the $16-billion loan pact, taking total loans paid or promised to over $30 billion. The government is now implementing a raft of reforms aimed at overcoming last year’s crisis. – In the Med., Api, for 80,000 tons, loading June 8 Egypt, discharging Italy, has fixed M/T «Enalios Skiron» at W/S 110.