Babacan praises the government’s relations with the World Bank and says cooperation will continue on a broader basis in areas of social security and information and technology

World Bank Group President Paul Wolfowitz yesterday praised the Turkish economy, saying that the World Bank was pleased to work with the Turkish government.

“The Turkish economy is doing well. As the World Bank we are happy to work with the Turkish government as a partner,” Wolfowitz told a joint press conference with Economy Minister Ali Babacan in Istanbul.

Babacan expressed the Turkish government's commitment to work with the World Bank on a broader basis in the areas of social security, public accounts, public administration, investments environment, loan and capital markets, innovation and the use of information and technology. 

He praised the government's relations with the World Bank since it came to power in November 2002. He said Turkey was ranked third among other countries working with the World Bank with the highest figures. 

“The financing so far provided by the World Bank has reached $18.5 billion,” Babacan said. 

He also stressed that the agreements made by the World Bank were important from technical aspects as well, saying that the government was working in cooperation with the bank on a broader area that contains both project and program loans and encompasses technical and financial support. 

Babacan thanked Wolfowitz, who came to Turkey for the first time in 1976, for the personal and institutional support he extended to Turkey.   The World Bank is a vital source of financial and technical assistance to developing countries around the world; it's made up of two unique development institutions owned by 185 member countries - the International Bank for Reconstruction and Development and the International Development Association. Each institution plays a different but supportive role in the World Bank's mission of global poverty reduction and the improvement of living standards.