ANKARA
Turkey's 52-year-old affair with the International Monetary Fund (IMF) will make a dramatic turn as the country prepares to cut its debt to the IMF to zero on May 14.
The country is to not only set to zero out its debt to IMF but also is to loan the fund $5 billion.
The process of IMF stand-by deal was started with signing of the first deal on January 1, 1961.
Turkey has made 19 stand-by deals with IMF and borrowed nearly $50 billion in 47 years.
However, only the last two stand-by deals were completed successfully owing to the contribution of the country's political and economic stability.
Turkey has gradually reduced its debt from $23.5 billion in 2002 when the ruling Justice and Development (AK) Party came to power.
Since the beginning of relations with IMF, 38 governments ruled the country.
Reported by Ibrahim Yilmaz
