Turkey

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The International Monetary Fund approved a further $1.1bn loan tranche for Turkey on April 15th amidst reports cautioning that economic indicators were not showing signs of recovery.
In a landmark agreement between the two traditionally hostile neighbours Turkey and Greece have signed an agreement to construct a $300m natural gas pipeline from the north western Turkish city of Bursa to Komotini in north eastern Greece.
The UAE has said that it will not back any US military intervention in Iraq and has called on Washington to focus on curbing Palestinian-Israeli violence.
Although a report from the Dubai Financial Market (DFM) on April 3rd indicated that turnover had increased by 137% in the first quarter of 2002 over the last quarter of 2001, volumes on the three UAE stock markets have been gradually falling in the last month.
The State Statistics Institute (DIE) released March inflation figures on April 3rd that indicate some progress in Turkey’s battle against inflation.
Discussion has been raging for months about the timing of a US attack on Iraq - an event that would deeply shake Turkey's progress out of its deepest recession since 1945 - but on March 19th US vice-president Dick Cheney implied that a military strike would not take place in the near future.

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