ANKARA
Turkish Economy Minister Zafer Caglayan on Monday said Turkey is set to change roles with the IMF after cutting its debt to the International Monetary Fund to zero on May 14.
Speaking at a press conference in Ankara-based think-tank Foundation for Political, Economic and Social Research (SETA), Caglayan said Turkey no more needed IMF's financial support thanks to the country's political and economic stability and far-reaching reforms made by the ruling Justice and Development Party (AK) Party since it came to power in 2002.
Caglayan said Turkey's budget deficit decreased to 2 percent and the country's debt stock dropped to 36 percent of its GDP, which was $763.3 billion in 2012.
"The world has changed. However, there are two things which have not changed. One of them is the double standards of IMF and the other is the double standards of the credit rating agencies which are under the influence of IMF. They have usually exhibited this attitude to Turkey," said Caglayan.
"In the past 4 years there has been a great deal of loss in the world's economy and in Europe's economy. Four thousand people have lost their jobs. Europe's economy shrunk while Turkey was the second biggest country and it has increased its exports around the world. Turkey will pay in full with a last installment of about $421 million of its $23.5 billion total debt and will be free of the IMF debts. Turkey has turned into a country which can contribute the IMF resources $5 billion. This is a historic turning point," he said.
Caglayan also said Turkey was one of the OECD countries to make the largest foreign aid with $2.5 billion.
