Turkey to start clean slate with IMF

The country is set to zero out its debt to the fund in May, to lend $5 billion to the global institution. The Turkish Treasury will repay on May 14 a last slice of $422.1 million and loan the fund $5 billion, making Turkey the 23rd biggest lender in the international institution. Turkey's last standby agreement with the fund was in 2005 and it expired in May 2008. The country has gradually reduced its debt from $23.5 billion in 2002 when the ruling Justice and Development (AK) Party came to power. Turkey signed 19 standby deals with the IMF until 2008 and borrowed nearly $50 billion in 47 years. "Turkey's economy has made significant progress in the past years and its role in the IMF is growing. Turkey will see its quota increase nearly four times in a short time," Mark Lewis, IMF's Turkey representative, told Turkish press.