Announcement of World Bank Disburses First Tranche of Turkey Programmatic Financial and Public Sector Adjustment Loan (Pfpsal Ii) on August 16, 2002

World Bank Disburses First Tranche Of Turkey Programmatic Financial And Public Sector Adjustment Loan (Pfpsal Ii) Contacts: In D.C.: Laura Frigenti: 202 458-7229 In Ankara: Jim Parks: 011-90-312-446-3250 WASHINGTON, August 16, 2002¾ The World Bank today disbursed the first tranche of the Programmatic Financial and Public Sector Adjustment Loan (PFPSAL II) for Turkey in the amount of $450 million. The entire loan is in the amount of $1.35 billion and is structured over three tranches of $450 million each. The loan’s objective is to support the mid-term reforms related to financial and public sectors designed to underpin economic growth and financial stability. The release of the first tranche confirms that all effectiveness conditions have been met and that the implementation of the reform program is proceeding on track.