Press Release: The Commission adopts a EUR 150 million adjustment facility to support economic reforms in Turkey

On 30.11.00, the European Commission gave its approval to a €150 million grant facility under the MEDA Programme for Turkey. It will accompany the ambitious Turkish economic and social policies which aim to break the pace of price inflation, to put the economy on a sustained growth path and on a more equitable pattern of income distribution and to embody the EU 'acquis' in the Turkish legislation. The objectives of the programme are to foster structural and sectoral reforms undertaken within the framework of the Stand-By Agreement signed with the International Monetary Fund, and reinforce the Economic Reform Loan negotiated with the World Bank, by means of specific measures to be implemented. These measures, based on EU rules and practices, have been tailor-made towards speeding up Turkey's pre-accession strategy.