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Turkey says it has no plans to reach agreement with the IMF

 


Turkey has no plans to reach an agreement with the International Monetary Fund, a presidential spokesperson said on Sunday as the country considers funding options to cushion the economic impact of the coronavirus epidemic.

Friday, Reuters cited officials as saying that Turkey had had discussions with the United States on securing a Federal Reserve swap line, as well as other financing options. Bloomberg reported that the Turkish authorities have also discussed with other G-20 central banks to be included in agreements allowing the monetary authorities to exchange currencies.

We have no IMF on the agenda … Turkey has no program to conclude a new IMF agreement, no credit or a new reserve agreement, said spokesman Ibrahim. Kalin to the private broadcaster CNN Turk in an interview.

Asked about the criticisms addressed to the IMF by the Turkish president Recep Tayyip Erdogan, its managing director Kristalian Georgieva said Thursday: We have in fact a very constructive engagement with all the members, including with Turkey … We are here for all of our members.

The last time the IMF bailed out Turkey in 2001, a whole generation of Turkish political leaders lost power and paved the way for the rise of the Erdogans. Seeking an IMF bailout would be a reversal for Erdogan, who has repeatedly said that Turkey has closed this chapter, Bloomberg reported.

However, turkey supplies, which were already considered insufficient before the crisis, have decreased further in recent weeks. Gross foreign reserves, including gold, stood at $ 89.6 billion in early April. That compares to $ 172 billion in debt payments falling due over the next 12 months, according to the Financial Times.

The number of Covid-19 turkey deaths has risen to 1,198, with 56,956 cases confirmed on Sunday.

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