Turkey intent on signing New IMF Deal

The Turkish Economy Minister Mehmet Simsek has reveled that the proposal of International Monetary Fund monitoring its economic program following the end of the $10 billion loan will increase the security of the country and its potential to win inward investment.

Overhauling the current pension system is in the process of parliamentary discussion as IMF officials are in talks on

The new measures will see the increase of retirement age for both men and women to 65, as well as to increase workers’ contributions an so reduce the deficit by $1.8 trillion by 2075.

By signing the accord with the IMF it would mean that the country would be able to take out loans should it need them and according to Simsek, it sends out a strong message to investors.

It also signals a commitment to IMF backed policies and their economic program to curb inflation and restrict public spending.

Simsek is his speak in Ankara yesterday said that: “It’s business as usual: it may be relatively slower or more difficult but reforms are always difficult, due to both domestic politics as well as global market conditions, thou the fact that we are passing an unpopular but fundamentally good and right reform is the single best proof.”

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