Turkey and IMF call off talks for loan agreement on disagreement over conditions

Turkey, IMF end loan talks

ANKARA, Turkey — Turkey says it and the International Monetary Fund have mutually agreed to call off talks for a loan.

Prime Minister Recep Tayyip Erdogan said Wednesday that Turkey and the IMF failed to reach an agreement over some of the fund’s stringent conditions.

He says the talks were also called off because Turkey is now able “to stand on its own feet.”

Turkey’s previous loan deal with the IMF ended in May 2008. Talks for a new loan deal have been inconclusive since then, with Erdogan insisting he would not accept harsh austerity cuts to spending.

Turkish news reports had said Turkey was eyeing some $25 billion in loans.