Şimşek throws the ball on IMF deal

Bloomberg

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The country needs "deep-rooted" changes to the budget to entrench budgetary discipline, Şimşek said in Ankara Wednesday in response to questions from lawmakers on a parliamentary commission.

"On the subject of relations with the IMF, I imagine the relevant minister will share developments with you," Şimşek said. He said he had proposed a set of spending cuts to the fund before he was moved to the Finance Ministry in a May 1 Cabinet reshuffle. Ali Babacan was appointed Deputy Prime Minister with responsibility for the economy and hasn’t yet commented on the IMF. Şimşek’s comments come after Central Bank governor Durmuş Yılmaz said policy-makers need to prepare a "Plan B" in case talks on lending with the fund fail. The country has been in negotiations with the IMF for more than a year.