Simsek: "Turkey has the potential to shake off the global crisis"

Commenting on the impact of the global economic crisis on Turkey, State Minister for the Economy Mehmet Simsek said yesterday that Turkey has the potential to quickly shake off the crisis. He said that in addition to previously announced government measures, officials are now working on cushioning the effect on the real sector and making sure it continues to get financial sector support. Touching on talks with the International Monetary Fund, Simsek added, "We've covered a great distance towards reaching a new standby agreement with the Fund, in light of Turkey's economic priorities." In related news, State Minister for Foreign Trade Kursad Tuzmen said yesterday that Turkey would exceed its year-end export target of $125 billion. On the crisis' impact on exports, Tuzmen said vigilance, not panic, is called for. Stressing the importance of Arab capital during the crisis, Tuzmen also said, "Arab capital could be used to finance Turkey's exports. We're trying to attract more Arab capital to Turkey." He added that this year Turkey's exports to Middle Eastern countries have risen 65 percent compared to 2007.