The Executive Board of the International Monetary Fund (IMF) approved on Tuesday the fifth review of Turkey’s economic program which is supported by a three-year IMF stand-by credit, enabling Turkey to draw up to SDR 1.09 billion ($1.4 billion) immediately, Anadolu Agency (AA) reported.
The stand-by credit was approved in December 1999 for SDR 2.9 billion ($3.8 billion), the Turkish official news agency.
Early on December 22nd, 2000, the Board have decided to provide additional resources available under the Supplemental Reserve Facility (SRF) for SDR 5.8 billion ($7.6 billion) to alleviate balance of payments difficulties.
Turkey has so far drawn SDR 2.84 billion ($3.7 billion), out of the total amount of SDR 8.7 billion ($11.4 billion) under the stand-by credit, it added -- Albawaba.com
