IMF tells Turkey to calm markets with policy steps

IMF has called on Turkey to tighten policies to address economic imbalances, will keep monitoring situation closely
Thursday, 16 August 2018 20:23

Turkey should commit to sound economic policies to promote stability and reduce imbalances at a time of market volatility, an International Monetary Fund (IMF​) spokesperson said on Wednesday, Reuters reported.

The spokesperson, speaking on condition of anonymity, told the agency there was no indication that Turkish authorities are considering asking for financial assistance from the Washington-based International Monetary Fund.

The Fund was monitoring the situation closely, the spokesperson added.

"In light of recent market volatility, the new administration will need to demonstrate a commitment to sound economic policies to promote macroeconomic stability and reduce imbalances, while ensuring full operational independence to the central bank to pursue its mandate of securing price stability," she said.

"We have received no indication from the Turkish authorities that they are contemplating a request for financial assistance," the IMF spokesperson added.


IMF could help Turkey to get through its currency crisis and the German government favours such an emergency measure, a German government source told Reuters on Thursday.

“The Federal Government believes that an IMF program could help Turkey,” the government source said on condition of anonymity.