Simsek says IMF deal nearly ready

Speaking at a meeting on the impact of the global economic crisis held by the Antalya Industrialists' and Businessmen's Association yesterday, State Minister for the Economy Mehmet Simsek said the government is close to reaching an agreement on a possible standby deal with the International Monetary Fund, adding that he will invite an IMF delegation to Turkey next month. He said the government had made progress in talks with the Fund on the size of the loan but that they have not yet reached a conclusion. "We need to consider our national priorities first. If we feel that a standby deal with the Fund would ultimately be to Turkey's benefit, we could agree to sign such a deal," he said, adding that this would help Turkey weather the crisis with minimal damage. Stressing that the government has successfully managed the country's economy since the crisis began, he said, "The world is facing a very serious financial crisis. The government foresaw this last year. That's why we made some structural reforms in our economic policy. Thanks to these reforms, Turkey was not caught unaware by the crisis." Simsek also said Turkey will prioritize European Union reforms in the months to come.