U.S., WASHINGTON, April 19. Türkiye’s new
financial policy helps it to lower vulnerabilities, Alfred Kammer,
Director of the European Department of the IMF, said during a
briefing on the Regional Economic Outlook for Europe held as part
of the IMF Spring Meetings in Washington, Trend reports.
“In mid-2023, we saw an absolute policy pivot and the new
policies in place on the monetary side with substantial tightening,
but also on the fiscal side with fiscal consolidation,” he
said.
Kammer noted that the IMF already sees some achievements, and
it’s not only the disinflation side that will take longer to
materialize fully.
“But the vulnerabilities to Türkiye have decreased because of
this policy setting. I had a discussion with Minister of Treasury
and Finance Mehmet Simsek yesterday, and he pointed out that these
reforms that are in place are within a longer-term program, and he
noted that the Central Bank will execute that program. That program
is expected to lower vulnerability further to bring inflation down
directly over time and to also create that climate for investment
in place, so that we have a shift in the growth pattern and a
rebalancing of growth,” he added.
Further, Kammer noted that the IMF is very supportive of the
reform program in place.
Moreover, he said there’s no discussion on any IMF programs for
Türkiye.
The Spring Meetings of the International Monetary Fund and the
World Bank Group kicked off on April 15.
The main ministerial meetings and events will take place April
17–19, with other events and activities taking place during the
week, April 15–20.
At the heart of the gathering are meetings of the joint
Development Committee and the IMF’s International Monetary and
Financial Committee, which discuss progress on the work of the
World Bank Group and the IMF.
The Spring Meetings bring together central bankers, ministers of
finance and development, parliamentarians, private sector
executives, representatives from civil society organizations, and
academics to discuss issues of global concern, including the world
economic outlook, poverty eradication, economic development, and
aid effectiveness.