Turkey will sign a letter of intent with the International Monetary Fund on a new standby accord after December 1 to replace an existing deal, Economy Minister Ali Babacan said, without specifying when. The current $19 billion IMF pact will expire in February and Ankara is working with the Fund on a new three-year economic programme to help it build on its strong recovery from a 2001 financial crisis and deep recession.
Officials have previously said the IMF could provide Turkey with $10-15 billion under a new deal.
"We will sign a letter of intent after December 1, but how long after I cannot say at the moment. We will do it as soon as we finish our work," Babacan told reporters at a dinner on Wednesday evening.
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