IMF delegation to begin talks in Ankara on Jan. 8- Turkish ecomin

An International Monetary Fund (IMF) delegation will visit Turkey next week to lay the groundwork for a new stand-by arrangement, the Anatolian Agency reported earlier on Friday citing officials.Â

 

The delegation headed by Turkey Mission Chief Rachel van Elkan is expected to prepare a report on Turkey's financial need and present it to the board of executives, AA said.

 

In the case Turkey and the IMF reach a deal on the new stand-by arrangement, the board of executives will meet in the possible shortest time to approve the new loan for Turkey, of which it is possible to provide the first part of the loan in January.Â

 

Officials said that Turkey preferred a short-term standard stand-by arrangement in order to provide immediate financial support and get a loan over the quota.

In the case that international market conditions improve, the deal can be replaced with a precautionary stand-by arrangement as of the second half of the following year, officials were quoted as saying.

Government sources earlier told Reuters that Turkey is seeking a loan of around $25 billion from the lender as the country faces a $130 billion funding requirement in 2009.

Turkish business leaders and investors have long called for a loan accord to stabilize the Turkish economy, which has slowed sharply this year while its markets have been hit by the effects of a global crisis.

Talks with the IMF have been continuing since September, after Turkey's previous $10 billion stand-by loan accord expired in May.