Turkey's development minister says Turkey stands on its feet without IMF's support

ANKARA (A.A) - December 29, 2011 - Turkey's development minister said on Thursday that Turkey was standing firm on its feet without the support of the International Monetary Fund (IMF). Cevdet Yilmaz said Turkey had completed stand-by process with the fund and became a country that could discipline itself and stand firm on its feet without cooperating with the IMF. "However, European countries are expecting support from the IMF," Yilmaz told AA correspondent in an exclusive interview. Yilmaz said many European countries and the United States faced high debts and the European Union (EU) could not show a political will to overcome the crisis, which caused a confidence problem. "There is a management crisis in Europe, and I hope they would overcome it soon because Europe closely concerns us," he said. Yilmaz said Turkey had a very good management, set its medium-term program, took structural measures and well managed many areas such as agriculture, health and education. Turkey grew 9 percent in 2010, Yilmaz said and forecast a year-end growth rate around 8 percent in 2011. "Our growth rate projection for 2012 is 4 percent," he said. Yilmaz said unemployment rate was down and at the same time labor participation rate was up in Turkey, and noted that more than 3.5 million people had been employed since 2009. The ratio of debts to national income would be below 40 percent by the end of 2011, Yilmaz said. Yilmaz said the same ratio was 85-90 percent in Europe, and Turkey projected this ratio around 32 percent in 2012.  However, 2012 would also be a hard year, Yilmaz said. Moreover, Yilmaz said the ministry was planning to prepare a ten-year development plan covering the years between 2014 and 2023, but the government would make the final decision. Yilmaz said the ministry would continue to grow its economy, and would give priority to enabling all segments and geographies to make use of outcome of this growth.