The International Monetary Fund has decided to let Turkey immediately obtain $3 billion from a three-year IMF standby credit arrangement.
The IMF's executive board made the decision after completing its tenth review of the Turkish government's economic programme, which is supported by the standby arrangement.
The IMF also is considering granting Turkey a new loan partly to account for disruptions from the September 11th attacks on the United States and the resulting global economic slowdown.
Two weeks ago, IMF managing director Mr Horst Koehler said Turkey faced a financing gap of nearly $10 billion for the rest of 2001 and 2002. Mr Koehler said on the basis of recent progress Turkey has made he would recommend a new standby arrangement.
US Treasury Secretary Mr Paul O'Neill and others in the Bush administration voiced widespread criticism when they took office of the multi billion-dollar IMF loan programmes that had been approved by the Clinton administration as a response to the 1997-98 Asian crisis.
That criticism has been tempered in recent months by a recognition on the part of the United States that the administration needed to show support for Turkey, a critical military ally in NATO.
AP