Turkey: Seventh Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Turkey
IMF Staff Country Reports, August 7, 2008
Source details
- Canonical URL
- Turkey: Seventh Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Turkey
Other formats
Bibliographic details
- Authors: Arrangement, Request
- Published: August 7, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451838244.002
Summary findings
- Macroeconomic developments have become less favorable since the last review in May 2007.
- Political developments have distracted attention from an ambitious economic agenda.
- Performance under the IMF-supported program suffered, with fiscal policy imparting an unplanned stimulus in 2007 and structural reforms meeting with delays.
- IMF staff welcomes the adoption of a medium-term fiscal framework to guide future policy, and encourages the authorities to strengthen its institutional underpinnings.
Analysis of program performance
- Fiscal policy imparted an unplanned stimulus in 2007, contributing to weaker adherence to program objectives.
- Structural reforms experienced delays, weakening the momentum of the IMF-supported agenda.
- Political developments contributed to reduced focus on the reform program and less favorable macroeconomic outcomes relative to the May 2007 review.
Policy recommendations and institutional guidance
- Continue and implement the adopted medium-term fiscal framework to guide future policy.
- Strengthen the institutional underpinnings of the medium-term fiscal framework to improve fiscal governance and program credibility.
- Reinforce commitment to scheduled structural reforms to restore program performance and macroeconomic stability.
Publication and metadata
- Publication date: August 7, 2008
- Pages: 114
- Volume: 2008
- Issue: 272
- Series: Country Report No. 2008/272
- DOI: https://doi.org/10.5089/9781451838244.002
- Stock No: 1TUREA2008001
- ISBN: 9781451838244
- ISSN: 1934-7685
Source: IMF Staff Country Reports — "Turkey: Seventh Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Turkey."