Erdoğan says Turkey will never seek assistance from IMF

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President Recep Tayyip Erdoğan said on Sunday Turkey was not facing any worrying economic problems and would not seek assistance from the International Monetary Fund (IMF), despite a currency crisis and likely economic slowdown, Reuters reported.

Turkey has “closed the book on the IMF, not be opened again,” Erdoğan said in a speech to members of his Justice and Development Party (AKP).

Treasury and Finance Minister Berat Albayrak on Sept. 27 announced the country made a deal with world-famous American management consulting firm McKinsey & Company, a move that was regarded by some critics as a step before asking IMF for financial help.

However, the Turkish president on Saturday said he has ordered ministers not to work with McKinsey & Company.

“I told all my ministers: ‘You will not accept any advice or consultation from them.’ We do not need it. We’re able to do it by ourselves,” said Erdoğan

Meanwhile, Minister Albayrak, also Erdoğan’s son-in-law, will announce a strong program to combat inflation, Reuters reported on Sunday.

Earlier this week, data showed Turkey’s inflation surged to a 15-year high of nearly 25 percent in September. Albayrak had later said he would announce a program to battle rising inflation next week.

Albayrak was also cited as saying a rebalancing period in Turkey’s economy had begun and that there would be no compromise on budget discipline.

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