Turkish President Recep Tayyip Erdogan has ruled out any assistance from the International Monetary Fund (IMF) on Sunday.

“Turkey closed the IMF chapter not to open it again,” Erdogan said during his closing speech of the ruling Justice and Development (AK) Party's consultation meeting in the capital Ankara.  

Turkey paid off the entirety of its debt to the international lending institution in 2013.

Erdogan added Turkey is “far from needing” a loan or technical assistance from the IMF.

Earlier on Sunday, Treasury and Finance Minister Berat Albayrak said that the Turkish economy was in the process of stabilizing.