Businesspeople hope for a standby accord

Hurriyet Daily News with wires

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Ferit Şahenk, chief executive of Doğuş Holding, said Turkey would have a "great weight and role" globally in the aftermath of the crisis. Speaking to the Anatolia news agency, Şahenk said it was only normal that talks between the IMF and the government were taking a long time. "Some special issues need to be discussed, in accordance with Turkey’s needs," he said. "But the talks have reached a point and I am happy about this.

"Turkey will of course be wounded by the crisis but we will be much stronger in the period ahead. Turkey will have a great weight and crucial role [in the world] in the aftermath of the crisis, both politically and economically. I hope Turkey makes use of this," Şahenk said.

Ergun Özen, chief executive of Garanti Bank, meanwhile, pointed to the "fewer bankers but more politicians" at Davos. "Bankers are acknowledging the mistakes they have made," Özen said. "We are living a period in which everybody should be more constructive."

IMF support is of crucial importance at such a moment, Özen said. "What is important here is how the IMF funding will be distributed to the real economy sector. Otherwise, a stand-by would be meaningless."

Speaking to Bloomberg, Güler Sabancı, chairwoman of Sabancı Holding, said 2009 was a year when her company would stay liquid as it dealt with the global credit crunch and considers possible acquisitions.

"We have some businesses that have planned growth for this year but overall it is not a year for growth, it is a year really to look after your working capital, stay liquid, look after your cash," Sabancı said yesterday.

Turkey should wrap up a deal with the IMF, Central Bank Governor Durmuş Yılmaz said. Speaking to CNBC-e television at Davos, Yılmaz said the government and the IMF have "agreed on macroeconomic issues," but some matters required further discussion.

Emerging stronger

Turkey has a good chance of emerging "stronger" from the crisis, according to Klaus Schwab, president of the World Economic Forum. "Turkey, in the past, has implemented important structural reforms," Schwab told Anatolia News Agency. "Thus, there is a good chance that it will emerge from the crisis stronger."

This year’s Davos summit hosts 41 heads of state and government, a record for the meetings. A total of 2,500 registered participants, including nearly 1,400 executives, have arrived at the ski resort.