Turkey: Third Review Under the Stand-By Arrangement-Staff Report; Staff Statement; and News Brief on the Executive Board Discussion

Author: International Monetary Fund

This paper examines Turkey's Third Review Under the Stand-By Arrangement (SBA). The Turkish authorities' perseverance with their economic program started to yield major gains in the first part of 2002. Through April 2002, the program outperformed expectations. With strong policy implementation, economic and financial indicators outperformed financial market expectations and program projections. In light of continued strong program implementation, the positive economic results achieved so far, and the broad-based support in Turkey to stay the course with the program strategy, the IMF staff recommends the completion of the third review.

Volume/Issue: Volume 2002 Issue 264

Publication date: December 2002

ISBN: 9781451838138

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Topics covered in this book

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Business and Economics , Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , year inflation target , private bank recapitalization exercise , state enterprise price , parliament , legislation , state enterprise , staff appraisal , EU-related legislation , market development , Public sector , Monetary base , International reserves

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Summary

This paper examines Turkey’s Third Review Under the Stand-By Arrangement (SBA). The Turkish authorities’ perseverance with their economic program started to yield major gains in the first part of 2002. Through April 2002, the program outperformed expectations. With strong policy implementation, economic and financial indicators outperformed financial market expectations and program projections. In light of continued strong program implementation, the positive economic results achieved so far, and the broad-based support in Turkey to stay the course with the program strategy, the IMF staff recommends the completion of the third review.