Turkey has won a place on the executive board of the International Monetary Fund for the first time.

İbrahim Çanakçı, undersecretary at the Turkish Treasury, was named an executive director, a statement from Turkey's Deputy Prime Minister's office said on Thursday.

The decision follows recent reforms to the fund's management to reflect the influence of emerging economies. "Turkey, for the first time in its history, has gained the right to directly participate on the IMF executive board," the statement said.

The fund's executive board consists of full-time directors based in Washington D.C. and it plays an important policy role.

The IMF loans money to countries with payment imbalances as well as monitoring the global economy and promoting economic co-operation, trade, employment and exchange-rate stability.