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 Executive Director for Turkey

International Monetary Fund

No 2008/272, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 114
Date: 2008-08-07
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