(Archived Content)
JS-2295
The proposal in the House Subcommittee on Foreign Operations and Appropriations is an indication that Turkey's economy has improved significantly over the past few years.
The US-Turkey Financial Agreement has helped to reassure financial markets and maintain economic stability in Turkey.
Turkish authorities have been able to implement nessary fiscal and monetary reforms. These reforms combined with the EU's decision to begin negotiations with Turkey on EU accession - have lead to strong growth and have increased financial stability.
Growth has averaged over 5% in the last three years, and inflation is at its lowest level in thirty years (9.3% at end-2004).
As Chairman Kolbe noted said, the committee's recommendation reflects Turkey's greatly improved economic and financial situation.