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What is Turkey’s problem with IMF?

President Erdogan is vehemently opposed to IMF.  Turkey is a member of IMF and Erdogan’s best performance was when Turkey was under an IMF program.  Why the hostility? 

What is Turkey’s problem with IMF?

 

FX reserves of  Central Bank of Turkey dwindle rapidly, as the country produces a current account deficits. Foreign Financial Investors are rapidly leaving the system. Domestics are buying hard currency and gold.  The private sector has foreign debt payments  of $170 bn in the next 12 months. No wonder that TL is rapidly rising the ranking of worst performing EM currencies. Scores of countries in Turkey’s position have applied to IMF for a stand-by loan, or to tap other facilities. President Erdogan is vehemently opposed to IMF.  Turkey is a member of IMF and Erdogan’s best performance was when Turkey was under an IMF program.  Why the hostility?  Is it politics, or Erdogan’s personal interests being at stake?

 

 

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