Turkey will no longer be indebter to IMF

Turkey Treasury would close the debt chapter with IMF (International Monetary Fund) by refunding USD 422.1 million of capital as part of its 19^th Stand-by on May 14, 2013. This will end Turkey’s 52 years long indebter category from IMF.
IMF was set up in 1944 for economic cooperation at the UN meeting in the United States. Currently, IMF has 188 members. Turkey till date has been successful in completing only two of the 19 stand-by deals. As per the new IMF regulation that was agreed in 2010, Turkey’s quota was raised to 4.6 billion SDRs and will now be the 20^th  country in the highest quota share within IMF.

• Turkey will be performing as the Director within IMF from 2014 to 2016 and 2018 to 2020.

Month: Current Affairs - April, 2013

Category: International / World Current Affairs