Feb 21 2018

IMF backed by terrorists has failed in Turkey – adviser

The International Monetary Fund, backed by the Fethullah Terrorist Organisation (FETO), has failed in Turkey and all developing countries should ignore its policy recommendations, said Cemil Ertem, a senior economic adviser to President Recep Tayyip Erdoğan.

Turkey would have been implementing IMF policies of high interest rates and currency targeting, which have crippled Turkey’s economy and enriched the West since World War 2, had a coup attempt by FETO in July 2016 succeeded, Ertem said in the Daily Sabah newspaper on Wednesday.

“The IMF defended coup makers and monopolistic, autocratic coup economies, especially in Chile, Argentina and Turkey, throughout the Cold War,” he said. “The IMF's official views are never market friendly or competitive. They actually highlight a statist and closed economy that has become a thing of the past.”

Ertem referred to a report published by the IMF last week, which recommended raising interest rates and warned that the economy was in danger of overheating.

Turkey’s government has labelled the Fethullah Gülen movement, named after an Islamic preacher in exile in the United States, as FETO and classified it as a terrorist group, blaming it for the attempted coup. Gülen and his followers deny involvement.

“Not only Turkey, but all developing countries, should do the opposite of what the IMF preaches,” Ertem said.