Business

Turkey Uninterested In IMF Loans As Dealt With Crisis Without External Support

Turkey is not engaged in talks with the International Monetary Fund (IMF) on getting loans as it has managed to overcome the critical period without external support, the Turkish Ministry of Finance and Treasury said on Friday.
Turkey is not engaged in talks with the International Monetary Fund (IMF) on getting loans as it has managed to overcome the critical period without external support, the Turkish Ministry of Finance and Treasury said on Friday.
“The claims about the negotiations on the allocation of loans to Turkey by the IMF do not correspond to reality and are a manipulation of public opinion.
The Turkish economy was able to overcome the crisis period without external support,” the ministry said.
In October, Turkish President Recep Tayyip Erdogan said Ankara did not intend to borrow loans from the IMF anymore.
In 2018, the Turkish economy struggled due to the depreciation of national Currency, lira, which fell by nearly 40 percent against the US Dollar when the relations between Ankara and Washington deteriorated.
The situation significantly worsened in August, when US President Donald Trump authorized the doubling of tariffs on steel and aluminum imports from Turkey up to 50 and 20 percent respectively.
However, by November the Turkish lira has managed to recover. It now stands at 5.21 against the dollar.