The recovery underway in the global economy and in the global financial markets, together with the economic policies being implemented by the Turkish authorities in the context of the country's medium-term program have strengthened Turkey's economic outlook, according to Caroline Atkinson, director of external relations at the International Monetary Fund (IMF).
Atkinson said that, against this background, the Turkish authorities and IMF management have agreed that the 2010 Article IV consultation will commence with the visit of an IMF staff mission beginning in the first half of May. The last such visit to Turkey took place in March 2007.
The upcoming staff mission will assess in detail the latest developments affecting the Turkish economy, and will exchange views with the Turkish authorities on the economic outlook and on their policy plans.
Meanwhile, Turkish Minister of State Ali Babacan stated that the Turkish government has decided to suspend negotiations with the IMF until May this year. "We are not conducting negotiations regarding a program at the moment. We will not be holding a meeting with the IMF up to May. However, we are not saying anything regarding the period after the month of May. We prefer to hold on for a while and look forward. We have no obligation to make an agreement with the IMF," said Mr. Babacan.
Even if a country has no agreements with the Fund, under the terms of Article IV, the IMF regularly conducts such consultations with all its member countries, scheduled on an annual cycle.