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Tuesday, May 13, 2003

Snow, Turkey and the IMF

The interesting thing about these comments is not that Snow is making them. The interesting thing would be to know why he feels the need to make them.

U.S. Treasury Secretary John Snow said it is crucial Turkey stick closely to the economic plan it reached with the International Monetary Fund. "It is absolutely essential from our point of view that Turkey adhere to the commitments they've made," Snow told Reuters in an interview conducted on Friday but embargoed until Tuesday by Treasury. "We've expressed that to the Turkish government."Turkey has a $16 billion loan deal with the IMF. The fund paid a $700 million loan tranche last month after a review long held up by delays on economic reform. With a May review looming, Ankara is already lagging in some areas. Snow said recently Turkey's adherence to its IMF program would be a condition of the $1 billion approved for Turkey in President George W. Bush's budget for the Iraq war. The money can be converted into $8.5 billion in direct loans or loan guarantees. But Snow on Friday said it is not yet decided how the funds will be distributed to Turkey.
Source: Forbes

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