Turkey gets representation in IMF executive directorate

Turkey received representation in the International Monetary Fund's (IMF) "executive directorate" for the second time, according to data compiled by Anadolu Agency.

Raci Kaya, chairman of the Board of Directors of Turkey's Vakif Bank, was appointed as IMF's Executive Director for 2018-2020 period to represent the group consisting of eight European countries -- including Turkey, Austria, Czech Republic, Hungary, Slovenia, Belarus, Slovakia and Kosovo in the IMF’s executive directorate.

Turkey's Treasury and Finance Minister Berat Albayrak congratulated Kaya on Twitter over his appointment during the annual meeting of the IMF and the World Bank held in Indonesia on Oct. 12-14.

The group of countries -- formed in 2010 under IMF Quota and Governance Reform and valid until 2022 -- began representing in the meetings of the IMF’s executive directorate as of November 2012.

Turkey had first received the IMF executive directorate status to represent the countries in 2014-2016 period, while transforming from a country implementing IMF programs to a decision-making country.

Turkey managed to rise its quotas in IMF Fund from 0.61 to 0.98 in January 2016, becoming the 20th biggest member of the Fund consisting of 188 member countries.

Turkey, which acted as "Alternate Executive Director" for 2014-2016 period in the World Bank, will take the "Executive Directorate" status for the upcoming 2020-2024 period, the data showed.