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Monday, April 25, 2005

JTW News - Turkish Economy Approaches EU

"Turkish Economy Approaches EU
Turkey enters the category of convergence economy with the European Union (EU) rather than being a developing economy according to the UniCredito Group, partners of Koc Financial Services.

The UniCredito analysis emphasized the structural transformation for the Turkish economy that is realized in the context of the EU and the International Monetary Fund (IMF) reforms brings Turkey closer to the EU as well as other candidate states. The analysis confirms that structural transformation in Turkey continues. Since Turkey reached an agreement with the IMF about the new stand-by, it is confirmed that, freeing the first chunk of the $10 billion of credit will relieve the Turkish Treasury because Turkey has a $2 billion return payment for the IMF in May. "

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