WASHINGTON, Dec. 18 (UPI) -- The International Monetary Fund said Thursday it will lend another $502 million to Turkey as part of a $19 billion loan approved last year.
The sum is the sixth part of the loan package, and so far, the country has drawn about $16 billion of the total available funds.
Following the executive board discussion that approved the loan, IMF managing director Horst Koehler said: "Turkey's economic program has delivered a remarkable strengthening of market confidence, while interest rates have fallen sharply. For the second year running, both economic growth and inflation look set to surpass program projections."
"Ongoing strong efforts to keep the program on track and vigorously pursue structural reforms in fiscal and banking should underpin a continued strengthening of market confidence and an improvement in economic performance going forward. These strong efforts deserve the continued support of the international community."
