Turkey gives IMF five billion dollar loan

During the G-20 summit held in Los Cabos, Mexico, a number of developing nations, including Turkey, reached a decision to contribute to the global financial stability by offering support to IMF resources.

Turkey will be offering five billion dollars to a joint pool established by IMF officials in order to stave off the global crisis. Turkey will also be able to withdraw the funds at any point it is needed.

Meanwhile, during the G-20 summit, Prime Minister Recep Tayyip Erdoğan offered a series of economic suggestions to leaders present including U.S. President Barack Obama, Russian State leader Vladimir Putin and German Chancellor Angela Merkel. Emphasizing the necessity to "quickly rid the EU of its structural issue," Erdoğan called on the leaders of developed nations currently grappling with the economic crisis by stating, "The public debt and employment rates in developed nations is still extremely high. In addition, the exorbitant and extremely fluctuating energy prices continue to pose a threat for the global economy."

The following are a series of messages delivered by PM Erdogan during the G-20 Summit in Mexico:

A WARNING TO DEVELOPED NATIONS: "The risk and uncertainty in the Euro Zone continues to increase. Despite the past four years of effort, the public debt and employment rates are still extremely high. In addition, the exorbitant and extremely fluctuating energy prices continue to pose a threat for the global economy."

A PLAN IS NOT ENOUGH, LET'S SEE IT IN ACTION: "In this context, I believe that the Los Cabos Growth and Employment Action Plan is an excellent road map. However simply preparing a plan of action is of course not enough. The policies and commitments dictated by the plan need to be implemented in a timely and determined fashion.

CHINA LEADS IN AID TO IMF
Brazil - 10 billion dollars
Russia 10 billion dollars
China 43 billion dollars
India 10 billion dollars
South Africa 2 billion dollars
Mexico 10 billion dollars
Colombia 1.5 billion dollars

EU MUST TAKE QUICK STEPS, COORDINATION IS CRUCIAL

Prime Minister Erdoğan also stated that in order to eradicate the structural issue, it is extremely important that swift steps be taken and a spirit of solidarity be established.

"It is very important that countries that have room to breathe in terms of public treasury and fiscal policy first protect the priorities of economic growth and employment in any steps taken. It is not possible to establish permanent and real growth solely from fiscal and financial policy. We must be in full collaboration, operating under the G-20 umbrella in the face of any sort of new development that could transpire in the global economy. We must take new steps together."

IMF's administrative structure should change

Prime Minister Tayyip Erdoğan also relayed his suggestion that the current administrative structure of the IMF needs to change.

This is a translation of an article originally written by Yahya Bostan.