CB head Yilmaz: "Political authorities will decide on any IMF agreement"

Central Bank head Durmus Yilmaz yesterday held a press conference before the International Monetary Fund-World Bank annual meeting in Istanbul. Asked about a possible standby agreement between Ankara and the IMF, he said, "Due to the situation we are going through, Turkey's imports and exports are falling." He added, "The decline in Turkey's imports is greater than the decline in exports. Our budget deficit and the need for financing have gone down. Perhaps this year we may need financing worth $10 billion. Turkey needs resources for rapid development. We have to use resources for Turkey's rapid development, whether such resources come from the IMF or any other source. The decision to make an agreement with the IMF will be made by the political authorities."