The staff report for the Sixth Review and Inflation Consultation Under the Stand-By Arrangement on Turkey explains the macroeconomic framework and monetary and exchange rate policies. High interest rates, slowing credit growth, and election-related uncertainty were expected to weigh on private...

This paper examines Turkey’s 2004 Article IV Consultation and Eighth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criterion. Economic performance over the last three years has been impressive. For the medium term, the main challenge is to...

This paper discusses key findings of the Seventh Review and Inflation Consultation Under the Stand-By Arrangement for Turkey. Macroeconomic developments have become less favorable since the last review in May 2007. Political developments have distracted attention from an ambitious economic...

This paper assesses Turkey’s Tenth Review Under the Stand-By Arrangement (SBA). The IMF supports Turkey’s economic program under an SBA covering 2000–02. The arrangement was augmented with resources under the Supplemental Reserve Facility in December 2000, and under the credit tranches in...

This paper examines Turkey’s 2002 Article IV Consultation and First Review Under the Stand-By Arrangement (SBA). In response to September 11, the Turkish government initiated a new intensified IMF-supported program, both to protect the economy against future crises, and to continue Turkey’s...

This paper examines Turkey’s Request for a Stand-By Arrangement (SBA). The program contains several measures to free up the growth potential of Turkey’s private sector. The program rightly addresses key obstacles to domestic and foreign private investment. Although the program faces real...

The momentum in economic reform and disinflation has been maintained by Turkey under the Stand-By Arrangement (SBA). Executive Directors commended the financial sector reform, the achievements in restructuring the economy and improving its economic fundamentals, and emphasized the need to...

Turkey showed good macroeconomic performance under the Stand-By Arrangement. Executive Directors stressed the need to maintain strong fiscal and monetary policies, and accelerate structural reforms. They appreciated the authority's efforts to reestablish the fiscal solvency and the adoption of...

Turkey showed strong implementation of macroeconomic policies and economic reforms under the Stand-By Arrangement (SBA). Executive Directors commended the disinflation, debt reduction, and sustained economic growth, and stressed the need to safeguard macroeconomic stability and accelerate...

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...