FROM THE OFFICE OF PUBLIC AFFAIRS

We welcome the announcement of the Turkish authorities on the framework for a strong new economic reform program, supported by the IMF and the World Bank.

The program will rightly focus on achieving low inflation and sustainable public finances through sound fiscal and monetary policies, supported by vigorous implementation of structural reform. We particularly welcome the comprehensive and urgent plans in the program to tackle the problems of the banking sector, in co-operation with the World Bank and the IMF.

Long-term political commitment by the Turkish authorities to rigorous implementation of their program remains absolutely critical to its success, and we will maintain our support for these efforts. A return of market confidence and the continuous engagement of the private sector are also critical for the Turkish economic recovery.