Turkey: Seventh Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Ex

Seventh Review and Inflation Consultation Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Turkey.

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 272

Publication date: August 2008

ISBN: 9781451838244

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , holding , inflation consultation clause , hike , IMF staff calculation , April data , midpoint inflation , central bank analysis , EU accession negotiations , inflation report , Inflation , Public sector , Fiscal stance , Global

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Summary

This paper discusses key findings of the Seventh Review and Inflation Consultation Under the Stand-By Arrangement for Turkey. Macroeconomic developments have become less favorable since the last review in May 2007. Political developments have distracted attention from an ambitious economic agenda. As a result, performance under the IMF-supported program suffered, with fiscal policy imparting an unplanned stimulus in 2007 and structural reforms meeting with delays. IMF staff welcomes the adoption of a medium-term fiscal framework to guide future policy, and encourages the authorities to strengthen its institutional underpinnings.