Turkey pledges $5 billion for IMF against crisis

Prime Minister Recep Tayyip Erdogan announced during the G20 summit in Los Cabos, Mexico, on Tuesday, to provide the IMF with $5 billion. The mentioned fund to be provided from the foreign exchange reserve of the Central Bank will be utilized to help to alleviate the worsening crisis in the euro zone. The Central Bank said yesterday that the contribution will be counted of Turkey's international reserves at the IMF. Turkey's transfer of $5 billion was accompanied by major contributions from other non-euro zone members. The IMF received additional backing totaling $10 billion from Brazil, Russia, Brazil and Mexico each, as well as $2 billion from South Africa and $1.5 billion from Colombia on Tuesday. Addressing the G20 summit, Erdogan said that sound cooperation must be established under the umbrella of the G-20 against any new development that may emerge in the global economy and take new steps together. Erdogan added that one of those steps should be "deep structural reforms" and called for "sound medium-term programs to play key roles in diminishing the effects of the economic crisis and increasing employment" around the globe.