The International Monetary Fund (IMF) has announced the commissioning of the new short-term liquidity line (SLL) to support member states that have been economically difficult due to the corona virus outbreak.
With this new tool, IMF President Kristalina Georgieva said that they aim to offer short-term funds to member countries that have strong foundations but need balance support. Georgieva announced that they could provide liquidity to the members up to 145 percent of their quota from the new vehicle in question.
Turkey’s IMF quota of SDR 4.6 billion ($ 6.9 billion in today’s money). 145 percent of the quota is about 10 billion dollars.
Stating that the global economy will shrink by 3 percent due to the epidemic and the biggest crisis was experienced after the Great Depression in 1929, the IMF announced that it will offer the full capacity of 1 trillion dollars to the use of 189 member countries.
Ankara has announced that the application to the IMF is not on the agenda.
