Turkey’s role in IMF ‘to increase four times soon’

ISTANBUL - Anatolia News Agency

Turkey will see its International Monetary Fund (IMF) quota increase nearly four times when the IMF’s voting power and capital reform is completed soon, IMF Turkey Representative Mark Lewis told Anatolia agency in an interview, in which he also praised balancing of relations between the country and the fund.

“The relationship between Turkey and the IMF is more two-way now,” Lewis said, implying the as the country is set to zero out its debt to the fund in May 14 and will lend $5 billion to the global institution, the nature of the relationship between two parties is changing.

Last payment on May 14

The Turkish Treasury will repay on May 14 the last installment of $422.1 million and loan the fund $5 billion, making Turkey the 23rd biggest lender in the international institution.

“Turkey’s economy has made significant progress in the past years and its role in the IMF is growing,” Lewis said adding that it would see its quota increase by nearly four times after the completion of the IMF’s internal reforms.