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Bush: We continue to support Turkey for economic reforms
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Posted: Monday, March 05, 2001 08:09 pm CST

While the new U.S. Administration has been closely watching the developments in Turkey and trying to figure out how to help Turkey; the U.S. President George W. Bush has sent a letter to President Ahmet Necdet Sezer by which he said the United States would continue to support economic reform efforts in Turkey.

Turkey's financial crisis has slashed the value of its currency by a quarter and left an International Monetary Fund-backed (IMF) disinflation program in tatters. "Turkey has achieved much through its program of political and economic reform and modernization," Bush said in the letter, which was read to Reuters by the Turkish official, who asked not to be identified.

"The United States will continue to support Turkey in those efforts and I am confident that both Turkey and the U.S.-Turkish relationship will enjoy a bright future," Bush added in the letter, the Turkish official said. A U.S. official, who asked not to be identified, said earlier on Thursday that Bush wrote to Sezer on Tuesday expressing support for Turkey and for U.S.-Turkish friendship. The U.S. official declined to describe further the contents of the letter.

The Turkish official said Bush told Sezer in the letter that Turkey was a valued NATO ally and a "close friend" to the United States. Bush spoke to Turkish Prime Minister Bulent Ecevit last Friday to stress the importance of Turkey's making continued economic reforms in cooperation with the IMF.

Turkish stocks rose seven percent and its currency, the lira, had a better day on Thursday as senior Turkish World Banker Kemal Dervis flew to Ankara for talks with Ecevit that many hoped would lead to a new economic team able to resolve Turkey's crisis.

Turkish officials were expected to keep working through next week, a religious holiday in Turkey, on new economic measures to replace the three-year IMF-backed disinflation program wrecked by the collapse of Turkey's currency peg.

Ecevit said on Wednesday he was hoping for a multi-billion- dollar loan to help weather the crisis, but there was no indication from the IMF or other international lenders that such a large loan would be forthcoming. U.S. Assistant Secretary of State Edward Walker said in Ankara that Turkey was holding discussions with the U.S. Treasury as well as the IMF and the World Bank.

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