Turkey gains $8bn loan from IMF

TURKEY - In a meeting lasting more than five hours, the IMF board decided to give $8bn in new loans for Turkey and it will release $3.8bn of it immediately.

Turkey's rush to pass through some key reforms in its economy seems to have paid off.

The approval paves the way for more money from the World Bank as well.

Turkey needs international financial help to revive its economy after the second major crisis in the last six months. The country's currency has lost its value by 40% since February 2001.


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