Simsek: Turkey and the IMF will speed up talks on a possible loan deal

State Minister for the Economy Mehmet Simsek said yesterday that his talks with International Monetary Fund officials in Britain, during last week's G-20 meeting on the global economic crisis, resulted in an agreement to accelerate talks on possible loan deal, adding that details would be outlined within the next few weeks. Simsek met with IMF Managing Director Dominque Strauss-Kahn and First Deputy Managing Director John Lipsky on the sidelines of the meeting. He said that he had the chance to discuss with senior IMF officials their views on a possible loan deal and that they had responded positively to Ankara's approach. Talks on a loan deal were suspended last month as the government was uneasy with some last-minute conditions, described as "unacceptable" by Prime Minister Recep Tayyip Erdogan. Last week the Fund produced new proposals, saying they were ready to continue negotiations with Ankara. Touching on efforts to blunt the impact of the global economic crisis, Simsek said the government would soon announce a new package of measures to revive borrowing and lending, slowed down by the crisis. Also citing a package to stimulate consumption, Simsek said that they were taking all necessary measures to stem unemployment as a result of the crisis. He also said that the government would vary incentive systems to meet the different needs of regions around the country.