'Turkey cuts spending by 3.061 billion lira'

Turkey's government cut total budget spending planned for 2009 by 3.061 billion lira ($2.02 billion), Economy Minister Mehmet Simsek said on Thursday, as the country heads into a possible loan deal with the IMF. Parliament also accepted a resolution cutting spending for some ministries by between 10 percent and 16.5 percent in 2009, corresponding to 3.061 billion lira spending cut the justice, education and health ministries are among those that lost some funding.
Simsek told parliament the government investment spending alone would be lowered by 1.8 billion lira next year. Turkey is expected to sign a regular standby or a precautionary standby loan deal with the IMF to help it withstand the global financial crisis. Turkey's previous $10 billion standby loan accord with the IMF expired in May.