LOS CABOS
Turkey will transfer 5 billion U.S. dollars to a fund to be formed by the International Monetary Fund (IMF) for the global economic crisis.
Officials at the Prime Ministry said that global economic crisis was discussed in the first session of G-20 Summit that began in Los Cabos, Mexico on Monday, stating that some of the leaders attending the summit announced their contributions to the fund.
Prime Minister Recep Tayyip Erdogan said Turkey would contribute 5 billion USD to the fund.
The officials said 5 billion USD would be paid from foreign exchange reserve of the Turkish Central Bank and Turkey could withdraw the amount from the fund when needed.
10 billion USD from Brazil, Russia, Brazil and Mexico each, as well as 2 billion USD from South African Republic and 1.5 billion USD from Colombia were transferred to the fund.
Turkish PM underlines importance of sound medium term programs
Turkish Prime Minister Recep Tayyip Erdogan said on Monday, "Sound medium term programs are playing key roles in diminishing the effects of economic crisis and increasing employment that we experienced in Turkey."
Erdogan delivered a speech at the session titled "global economy in a framework for vigorous, sustained and balanced growth" under G-20 Summit in Los Cabos, Mexico.
Risks in Eurozone still continued, Erdogan said, adding, "I think this summit is a great opportunity in terms of putting forth policies and commitments that will eliminate these risks. I regard Los Cabos Growth and Employment Plan as a good road map."
"We should have a sound cooperation under the umbrella of G-20 against any new development that may emerge in global economy. We have to take new steps coordinately," he said.
Erdogan said that it was not possible to achieve a lasting and actual growth just by money and fiscal policies, stating that sound, sustainable and balanced growth could be achieved by structural reforms.
