Turkey might make small changes to its economic forecasts detailed in a program of strict reforms to drag the crisis-hit economy out of turmoil, Economy Minister Kemal Dervis said on Monday, July 23.
"There might be some changes, but not very big ones," Dervis told reporters in Ankara. Turkey was working with the IMF on this.
Turkey was forced to revise its macroeconomic targets when severe financial turmoil at the markets in February forced the government to float the Turkish lira, causing the currency to slump against the dollar and disrupting an IMF-backed disinflation program.
In a tough recovery program announced in April, Turkey predicted year-end inflation of 52.5 percent and forecast that the economy would contract by 0.3 percent in 2001.
Dervis added that the new figures were likely to be determined next week when IMF deputy managing director Stanley Fischer made a brief visit to Turkey.
Fischer, who will retire soon, will arrive in Ankara on Monday and will leave Wednesday after talks with senior Turkish officials, including Prime Minister Bulent Ecevit, Dervis said.
"I believe we will together give a very positive message to the markets," the minister added. He also said that the country had started to achieve a surplus in current accounts in contrast to a forecast deficit, which he said would prove to boost economic recovery.
Turkey's fragile markets were rocked once again early in July when the IMF delayed the release of $1.5 billion of aid over a lack of progress in the reform of Turkish Telekom due to a dispute between Dervis and Transport minister Enis Oksuz.
The markets began to recover last Wednesday following the resignation of Oksuz, who had come to symbolize opposition to far-reaching reforms under a May stand-by deal with the International Monetary Fund (IMF). ― (AFP, Ankara)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
