The Effects of the IMF’s Quota and Governance Reforms on Turkey

Authors : Zeki Tuğrul GÖVER

Pages : 1-34

Doi:10.25229/beta.370629

View : 14 | Download : 8

Publication Date : 2018-03-30

Article Type : Research Paper

Abstract :Turkey became a member of the IMF in 1947 and has resorted to IMF sources many times since then. Turkey signed 19 Stand-By Arrangements with the IMF when faced with liquidity problems. Several studies have already provided detailed information about the history and evolution of the relationship between the IMF and Turkey. However, we have not come across studies about the reform efforts carried out by the IMF since 2006 and their effects on Turkey. The IMF reforms completed during the 2006-2016 period positively affected Turkey`s voting power, the amount of potential financing it could use, and its representation at the Executive Board. Yet, the conditionality principle, which applies to all countries, remains valid for Turkey as well. Therefore, it would benefit Turkey to explore alternative ways in which it can obtain potential financing on more flexible terms than the IMF. The objectives of the study are to examine the reform efforts carried out by the IMF during the period 2006- 2016 and their impact on Turkey and, to discuss the possibility of obtaining funds from other components of the Global Financial Safety Net for Turkey
Keywords : IMF, Global Financial Safety Net, conditionality