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IMF mission to visit Turkey only for article 4 consultations

02 April 2010 [17:32] - TODAY.AZ
Turkish Deputy Prime Minister Ali Babacan said Friday that an International Monetary Fund (IMF) mission would visit Turkey on May 12 or 13 only for article 4 consultations.
IMF mission will conduct a review of Turkish economy under article 4 consultations, Babacan said.

Babacan ruled out anything other than the regular program, saying Turkey does not need a stand-by deal with IMF to secure extra financing.

Following long-time talks between Turkey and IMF, Turkish Prime Minister Recep Tayyip Erdogan announced early in March that Turkey would not sign a loan stand-by deal with the Fund as it did not need emergency funds. Turkey's previous deal with the fund ended in May 2008.

"Review will last about two weeks, and in this period, Turkey will do whatever an IMF-member country obliged to do," Babacan said. "There is no plan other than this. Turkey already does not need such a plan."

Talks on article 4 is a consultation mechanism required to be fulfilled by all member countries every year under IMF Main Deal.

/World Bulletin/

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