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Imf grants 495m to turkey Original Source Link: (May no longer be active)    http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=4852841 http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=4852841 UPDATE 1-IMF grants $495 mln to Turkey under loan program Fri Apr 16, 2004 03:22 PM ET (Adds details, background from paragraph 3) WASHINGTON, April 16 (Reuters) - The International Monetary Fund on Friday issued $495 million to Turkey after approving the country's seventh review under an $18.6 billion loan program. The program was agreed on Feb. 4, 2002 after a financial crisis. In a brief statement, the IMF said it would rephase the remaining reviews and extend the program to Feb. 3, 2005 "to allow for the final disbursement under the program." Turkey has drawn down about $16.2 billion of the loan. A more detailed IMF statement is expected later following a board meeting which discussed Turkey's economic performance. The review was hit by delays over how Ankara would fund a budget gap caused by above-inflation wage and pension rises. The setback had worried financial markets about the government's commitment to IMF-backed reforms. © Reuters 2004. All Rights Reserved.

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