Turkey said it does not need to borrow from the International Monetary Fund. The country’s Ministry of Finance assured leading international lenders that Ankara does not intend to take loans in the near future for sure.
“It is very clear that Turkey does not need to borrow from the International Monetary Fund (IMF), given the country’s current economic performance,” the Ministry stated. Moreover, the department stressed that they would never ask the IMF for help. And this is not because the fund imposes unacceptable lending conditions or rises loan interests. This is caused by the personal dislike of a potential borrower. According to the Ministry, it has been stated several times that it is out of the question for Turkey’s path to even cross with the IMF in terms of both credit and technical support.
Perhaps the country's authorities chose the worst time for such statements against the world’s largest creditor, because the Turkish economy started weakening. Industrial production affected by the crisis continues declining with a large-scale decreases in a number of important sub sectors which portends a further deterioration in the economic situation and massive layoffs.
