Turkey’s possible IMF agreement unrelated to upcoming IMF/WB meetings

TURKEY

Contrary to the all-too-common statements in the press, Turkey and the International Monetary Fund (IMF) are no more likely to sign an agreement on the sidelines of the upcoming IMF World Bank Annual Meetings in İstanbul than they were at any time before or after the summit, said Caroline Atkinson, director of external relations at the IMF, at a closed meeting in İstanbul on Wednesday.

Turkish media have been reporting that Turkey and the IMF would be likely to finalize an agreement before the commencement of the official meetings which will take place in İstanbul between Oct. 6 and 7.

Many believe the Annual Meetings, which will be preceded by the Sept. 24-25 summit of 20 advanced and emerging market economies in Pittsburg, will be pivotal in setting out a strategy for the aftermath of the worst crisis to hit the global economy since the Great Depression of the 1930s. The IMF has been quick to point out that “now is no time to relax.”