THE INTERNATIONAL MONETARY FUND (IMF) HAS APPROVED A $16BN ECONOMIC PA...

World | February 5, 2002, Tuesday // 00:00

The International Monetary Fund (IMF) has approved a $16bn economic package for Turkey, the third major aid program for Ankara in under two years. The latest cash will be used to bridge a budget shortfall this year as Ankara struggles with its worst recession in more than 50 years.The loan reportedly comprises $12bn in new funds and unfreezes $4bn from an existing loan, making Turkey the IMF's biggest ever borrower.
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