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Erdogan calls IMF loans new form of slavery

The President of Turkey Recep Tayyip Erdogan said that obtaining a loan from the International Monetary Fund (IMF) and the World Bank (WB) is a new form of colonialism and slavery.

He also said that Turkey rejected attempts to ‘put shackles’ on the economy.

ʺYou want to develop your country and you are offered, as the only way, to get a loan from the IMF, the WB and other banks at interest. This globalization is a new model of colonialism and slavery. This is an attempt to ‘put shackles’ on the economy, industry, political system and minds. We reject an offer to be colonies and second-class citizens,ʺ Erdogan said.

It should be reminded that Turkey has become one of the few countries in the world that repaid its debt to the IMF in full. Turkey joined the IMF in 1947 because it needed funds for recovery after the Second World War. Since then, the fund has granted to Ankara 19 credits.

Besides accusing the IMF, Erdogan also stated that Western politicians provoke conflicts in the Middle East and Africa, exacerbating them, and then they count profits and close doors to refugees, who are forced to pay a price for the actions of the West.


  • November 11, 2016 4:59 PM MSK