Lack of precise measures may wear out textile sector - TGSD

14 Nov '08

1 min read

Turkish textile and apparel industry, which is considered to be one of the biggest employment providers in the country, is in deep troubles with probable closures of thousands of mills and job losses.

According to Turkish Clothing Manufacturers Association (TGSD), lack of proper measure may worsen the situation even more.

The 10-billion dollar stand-by agreement with the International Monetary Fund has expired in May and the Turkish Government is yet to decide on the future relations with the IMF amid global turmoil.

A staff team from IMF, led by Lorenzo Giorgianni, visited Turkish authorities and private sector representatives in Ankara and Istanbul during October 16-29, to discuss Post-Program Monitoring (PPM). Even then, Turkey has not made any arrangements with the IMF regarding PPM.

While attending a press meet, Ahmet Nakkas, the Chairman of TGSD, said, "We would not have required an agreement with the International Monetary Fund (IMF), if it had been signed as soon as the crisis started”

However, players in the Turkish market are earnestly waiting for the Government to seal a new agreement with the IMF, as the agreement and the EU membership process are seen as the key anchors of the Turkish economy.

More Textiles News - Turkey...