ECONOMY

IMF satisfied with Turkey’s pace of recovery

ANKARA – A senior International Monetary Fund official said yesterday economic recovery in Turkey, the IMF’s biggest debtor, was under way and it had met all monetary and fiscal targets under its $16 billion program. «The government’s program is going well and various economic indicators show recovery is underway,» said IMF Turkey desk head Juha Kahkonen, speaking at the end of a two-week review of Turkey’s loan pact. Payment of a $1.1-billion loan tranche depends on the review. Kahkonen said there were some outstanding measures to be taken before an IMF meeting to discuss payment of the next loan tranche but he was fully confident they would be completed. «We fully expect the remaining measures to be taken on time within the next couple of weeks,» he said, picking out pledges to come up with a plan for the privatization of Turk Telekom and to complete an audit of the banking system. «There has been less progress in privatization but we expect the pace of privatization to pick up later in the year,» Kahkonen said. He praised the government for its progress in the implementing the program since last year’s devastating financial crisis that halved the value of the lira and led to the worst recession since 1945. But he said it was important to continue strict implementation of reforms. «It’s important to maintain a good track record of implementation,» he said. (Reuters) – In W. Africa, Sun for 130,000 tons of cargo loading June 19, discharging US Gulf, has fixed M/T «Nandu» at W/S 65.