IMF praises Turkey, calls for approval of fiscal rule

The International Monetary Fund Executive Board on Friday praised Turkey's macroeconomic policies and reforms for helping the country to weather the recent global economic crisis. According to an IMF statement, during the crisis Turkey was stronger than most of the emerging countries in Europe. The board also called for the "swift approval" of a new fiscal rule obligating a reduction in the budget deficit. The IMF has predicted 6 percent growth for Turkey this year but warned about the widening current account deficit. According to the IMF, Turkey's main challenge concerns external imbalances and particularly "its heavy reliance on imports" that could hamper its recovery.