Turkey: Fifth Review and Inflation Consultation Under the Stand-By Arrangement, Request for Waiver of Nonobservance and Applicability of Performance Criteria, Modification of Performance Criteria, and Rephasing of Purchases: Staff Report; Staff Suppl

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

Volume/Issue: Volume 2007 Issue 161

Publication date: May 2007

ISBN: 9781451838190

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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 , second-stage personal income tax reform , privatization process , staff appraisal , Halkbank , reform , inflation outlook , privatization of Halkbank , Inflation , Public sector , Current account deficits , Global

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Summary

Turkey’s Fifth Review and Inflation Consultation under the Stand-By Arrangement and a Request for Waiver of Nonobservance and Applicability of Performance Criteria are discussed. Despite sharply higher interest rates, a weaker lira, and lower asset prices, economic activity has remained robust and foreign direct investment inflows buoyant. Balance sheets have also proven resilient. Achieving efficiency gains in the provision of health services and strengthening tax enforcement are crucial for the sustainability of public finances.