Turkey IMF Desk Chief Donal McGettigan, "Tight monetary policy and sustainable implementation, and ensuring price stability is vital for boosting confidence in investors both in Turkey abroad," he said.
"We welcome the recent economic policy change aimed at tightening monetary policy and addressing credit growth," said Ben Kelmanson, IMF Turkey Senior Representative.
"NEED TO WORK IN TWO WIDE FIELDS"
Making a brief assessment at the beginning of the interview, McGettigan said that, in addition to the troubles in the economy, Turkey, like other countries, struggled with the humanitarian and health tragedy caused by the Covid-19 outbreak. Reminding that the epidemic has entered its second year, McGettigan stated that although the Turkish economy is inherently flexible, entrepreneurial and resilient, studies need to be carried out in two broad areas.
International Monetary Fund (IMF), Turkey Desk Chief Donal McGettigan and IMF Turkey Senior Resident Representative Ben Kelmanso the scope of Article 4 consultation regarding the Turkey economy replied AA's questions regarding the pioneer findings of interviews with officials.
"WE WELCOME POLICY CHANGES WITH SATISFACTION"
Expressing that the latest change in economic policy was made on time and they welcomed it, McGettigan said, "Implementing a tight and sustainable monetary policy is vital to ensuring price stability and increasing confidence in investors both in Turkey and abroad."
Stating that the fiscal policy should also complement this by providing target-oriented and temporary support in response to the epidemic, McGettigan noted that this support should also include a fiscal consolidation aimed at strengthening Turkey's historically strong fiscal policy anchor after the relief of the pandemic.
GROWTH EXPECTATIONS FROM 2022
"What should be done for the continuation of the economic recovery?" IMF Turkey Senior Resident Representative Ben Kelmanson answered as follow:
"While the initial policy response resulted in a very sharp recovery in the economy, it also increased pre-existing vulnerabilities as we mentioned earlier. This ultimately led to a necessary and welcomed economic policy change. We believe that this policy change should be continued as long as necessary. It will be especially important to maintain the tight monetary policy stance and the accompanying epidemic-oriented temporary and targeted financial supports. We welcome the recent economic policy change aimed at tightening monetary policy and addressing credit growth."