Treasury to cut borrowing as costs increase

Bloomberg

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The target, laid out in a borrowing plan announced by the Treasury in Ankara in an e-mailed statement Monday, compares with the $4 billion in international borrowing Turkey carried out in 2008, already less than the $5.5 billion originally planned for the year.

The global crisis has "increased the cost and shortened the term of public borrowing," the Treasury statement said. Turkey is negotiating with the International Monetary Fund on a lending accord to defend its economy against the turmoil and has cut its 2009 spending plans by about YTL 3 billion.