Turkey: Fifth Review Under the Stand-By Arrangement, Request for Waiver of Performance Criteria and Extension of Repurchase Expectations-Staff Report; Staff Supplement; and Press Release on the Executive Board Discussion
IMF Staff Country Reports, October 16, 2003
Source details
- Canonical URL
- Turkey: Fifth Review Under the Stand-By Arrangement, Request for Waiver of Performance Criteria and Extension of Repurchase Expectations-Staff Report; Staff Supplement; and Press Release on the Executive Board Discussion
Other formats
Bibliographic details
- Published: October 16, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451838046.002
Executive summary and Board conclusions
- Turkey showed strong implementation of macroeconomic policies and economic reforms under the Stand-By Arrangement (SBA).
- Executive Directors commended:
- the disinflation,
- debt reduction,
- sustained economic growth.
- Directors stressed the need to:
- safeguard macroeconomic stability,
- accelerate structural reforms.
- Directors welcomed the European Union-related legislation.
- The Central Bank of Turkey was commended for its monetary policy.
- The Banking Regulation and Supervision Agency was commended for its supervision of banks.
- The Executive Board agreed that Turkey has successfully completed the fifth review under the SBA and granted waiver.
Key substantive themes
- Macroeconomic policy implementation
- Strong implementation under the SBA framework.
- Emphasis on preserving macroeconomic stability going forward.
- Structural reform agenda
- Need to accelerate structural reforms highlighted by Directors.
- Positive reaction to EU-related legislative steps.
- Financial sector oversight
- Commendation for the Central Bank of Turkey’s monetary policy.
- Commendation for the Banking Regulation and Supervision Agency’s bank supervision.
Subjects and keywords
- Subjects: Banking, Economic sectors, Exchange rates, External debt, Fiscal policy, Fiscal stance, Foreign exchange, Monetary base, Public debt, Public sector
- Keywords: CR, Exchange rates, executive board discussion, Fiscal stance, Global, ISCR, market development, market expectation, policy, policy credibility, Public sector, reform legislation, SDR, staff appraisal
International Monetary Fund. "Turkey: Fifth Review Under the Stand-By Arrangement, Request for Waiver of Performance Criteria and Extension of Repurchase Expectations-Staff Report; Staff Supplement; and Press Release on the Executive Board Discussion", IMF Staff Country Reports 2003, 324 (2003).