Turkey targets new IMF loan

Turkey is to present a new three-year plan of economic reforms to the International Monetary Fund (IMF) in early January.

Economy Minister Kermal Dervis is hoping to secure a $16bn loan from the IMF and the World Bank.

Local press reports say the new documents will see Turkey's economic growth target cut to 3% from the 4% previously estimated.

Turkey needs the IMF's money to help it sort out its domestic debt problems and lift the country out of its worst recession since 1945.

It has already promised the IMF that it will slash spending and raise revenue, and has won approval for its 2002 budget.