IMF approves $16bn for Turkey

TURKEY - The International Monetary Fund (IMF) has approved a $16bn economic package for Turkey, the third major aid program for Ankara in under two years.

The latest cash will be used to bridge a budget shortfall this year as Ankara struggles with its worst recession in more than 50 years.

The loan reportedly comprises $12bn in new funds and unfreezes $4bn from an existing loan, making Turkey the IMF's biggest ever borrower.

"It is $12bn in additional financing," an IMF board member told Reu