What Is The Turkey International Monetary Program?

In the year 2001, the Turkey asked for the International Monetary Fund to seek some fund in order to stabilize their economy. The fund grated by the IMF was almost eight billion dollar for the country to stabilize its economy. So this was continuous loan given to the Turkey in the consecutive two years. So the IMF has been granting this loan since the independence of the Turkey. The economy of Turkey is facing problems since many years due to the current deficit on investment made by the countries and heavy subsidies made to the agriculture sector. So this led to the severe problem for the country in stabilizing their economy.

However most the government owned industries were privatized in the early 90s by the government in order to boost the industry. The investment made by the government in such type of industries which led them to the inefficient use of resources by the government. The government was thinking that he is doing fine for the welfare of the people so it took many initiatives and one of the initiatives was to boost the economy by raising the wages of the local workers. So due to the wrong government policies it leads to the destruction of the economy and ultimately the government seek loan for the IMF.