The possibility of a new standby arrangement will be discussed with the IMF by a high-level team attending the IMP-World Bank spring meeting in Washington from 19-23 April, State Minister Ufuk Soylemez said on 16 April. The team leader, he is responsible for the treasury in the new coalition government led by Prime Minister Mesut Yilmaz.
A new standby agreement would not be signed during the routine visit, Soylemez added (MEED 25:3:94). However, the team would discuss ways of raising new foreign loans, he said. The treasury aimed to raise about $2,500 million in 1995 from international bond issues, he said on 11 April.
An IMF programme to help Turkey recover from economic crisis in 1994 lapsed in the last quarter of 1995 due to political and related economic uncertainty ahead of December general elections. The IMP withheld the final SDR 150 million SDR ($221 million) tranche of a SDR 610 million ($899 million) standby facility attached to the programme.