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Turkey close it's debt to IMF

Turkey's final capital refunding to the IMF was set as May 14. Turkey's Treasury Undersecretariat will close the debt by refunding 422.1 million USD of capital as part of the 19th stand-by. Turkey will be closing a chapter with the IMF, to whom it was an indebted for 52 years.

In 2002, Turkey's debt stock to the IMF was 16.2 billion SDR. It was reduced to 10.2 billion SDR in 2005, 5.5 billion SDR in 2008, 3.6 billion SDR in 2010, and 1.8 billion SDR in 2011. In 2012, the remaining debt stock was only 562,109,622 SDR.

Having 188 members today, the IMF was established in 1944 for economic cooperation at a UN meeting in the US. Becoming a member state in 1947, Turkey completed only two of 19 stand-by deals successfully.

With a new IMF regulation agreed upon in 2010, Turkey's quota will be increased to 4.6 billion SDR and Turkey will be the 20st country with the highest quota share within the IMF. Currently Turkey ranks at 32nd.

Turkey also will be the Performing Director within the IMF in 2014-2016 and in 2018-2020.

Meanwhile, countries pledged 461 billion USD worth of resources in 2012 as part of the efforts on increasing IMF resources. As part of that, Turkey pledged 5 billion USD at the G-20 Los Cabos Leaders Summit, opening a new chapter with its relations with IMF. 

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