efforts to ease the heavy tax burden, especially on labor and financial transactions. Noting the
spending overruns in early 2007, Directors welcomed the plans to bring the fiscal position back
on track, and encouraged the authorities to adhere closely t
The tight monetary policy stance was maintained during the first quarter of 2007 because of
prevailing uncertainties in the global economy, and uncertainties regarding the lagged effects
of monetary tightening. The delayed impact of the tight monetary p
with an average public sector primary surplus of 6.5 percent of GNP. The authorities are
determined to preserve their hard-won credibility with respect to fiscal discipline.
In 2006 the primary surplus was 6.6 percent. Although this is exemplary by any
(d) values and behavioral norms are deeply-rooted and top-management doesnt have to
spend any time on culture-building activities.
(e) None of the above.
26 Which one of the following is not a typical characteristic of a weak company culture?
(a) There ar
Statement by Willy Kiekens, Executive Director for Turkey
and Levent Veziroglu, Senior Advisor to Executive Director
May 18, 2007
In the last five years economic management in Turkey has been successful. The policy
anchors provided by the IMF supported pr
The public share offering of 25 percent of Halkbank, the second largest state-owned bank,
yielded US$ 1.80 billion. The sale shows confidence in the robustness and prospects for the
Turkish economy in a critical election year. With
Sample examination paper
(1) This paper contains two sections. All sections must be attempted.
(2) Part A20 Multiple Choice questions must be answered. The answer sheet must be
attached to the examination script. It will take about 45 minutes.
(3) Part Ba
10. Driving forces in an industry
a. are the result of changing industry conditions, especially as concerns technology or
experience curve effects.
b. usually are associated with growing competitive pressures and the outbreak of pricecutting.
c. are major
Line managers are likely to support the proposed plan if they have been given
opportunity to provide input.
Due to their specialisation, strategic planners are likely to produce strategic plans
capable of generating superior performance result
16. When competitive strength ratings are calculated for a company versus key competitors,
the results help indicate
a. which weaknesses and vulnerabilities of competitors to attack.
b. the net competitive costs of opposing an attack from one of these riv
Outline formats should be used to identify the parts of the findings by the use of numerals
(Roman and Arabic) and characters.
Attention should be drawn to the important points by listing (enumeration). Numbering the
items in a list implies a hierarchy of
Preliminaries should be given lower case Roman numerals, but, with the exception of the
synopsis, the numbers should not be typed on the page. The pages of the body of the report
should be numbered in Arabic numerals. The first page number
5. The most powerful of the five competitive forces is usually
A. the competitive pressures that stem from the ready availability of attractively-priced substitute products.
B. the competitive pressures associated with the market maneuvering and jockeying
These positive outcomes have been driven, in large part, by disciplined policies and advances
in structural reforms. On the macroeconomic side, adherence to the 6.5 percent of GNP primary
surplus target combined with monetary policy restraint by an inde
Projected Payments to Fund (Obligations Basis)2
(In millions of SDRs; based on existing use of resources and present holdings of SDRs)
Table 6. Turkey: Consolidated Fiscal Presentation, 200507
2006 Adj. 1/
5th Rev. Prog. Revised Prog.
(Millions of new Turkish lira)
Public sector primary balance
Central govt. and social security
APPENDIX I: EXTERNAL DSA
In the absence of shocks, the external debt ratio is projected to stay broadly flat over the
The gross external debt ratio is projected to stay at 50 to 55 percent of GNP in
the medium term (Table I.1).1 This re
APPENDIX II: PUBLIC DSA
Debt ratios fell further in 2006 and are expected to continue declining in the near
term, notwithstanding elevated interest rates. Stress tests show that medium-term debt
sustainability hinges on continued fiscal discipline:
Real GDP growth (in percent)
Average nominal interest rate on public debt (in percent) 7/
Average real interest rate (nominal rate minus change in GDP deflator, in percent)
Nominal appreciation (increase in U.S. dollar value of local currency, in percent)
Consolidated Balance Sheet of the Banking System
Revenue, Expenditure, Balance and Composition of Financing Central
Stocks of Central Government and Central Gov
Box II.1: Turkeys Sovereign Risk Profile
Turkeys sovereign risk has improved considerably in recent years, reflecting strong economic
performance and overall benign financial market conditions. Debt has fallen to 45 percent of GNP
from over 90 percent
ANNEX I. TURKEY: STATISTICAL INFORMATION
Data provision to the Fund is broadly adequate for surveillance and program
monitoring purposes, despite certain shortcomings. Turkey subscribes to the Special Data
Dissemination Standard (SDDS).
Real sector s