President Recep Tayyip Erdogan 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.