Ankara rejects the idea of further loans from the International Monetary Fund, President Recep Tayyip Erdogan stated in a televised address. "We have closed the chapter of the IMF credits in order not to open it anymore," the policymaker said. “Turkey’s economic indicators are at a very good level compared to other countries,” he added at the meeting of the ruling Justice and Development Party. On the one hand, Turkey’s economy proved to be on a sound footing. For instance, Turkey can boast of a lower public debt compared to other developing countries. However, the economy can hardly keep afloat without borrowed money. In other words, Ankara has to seek loans from other lending institutions. Evidently, this decision rests on Erdogan’s personal aversion to the US and Washington-led International Monetary Fund in particular.

The US and Turkey entered into a diplomatic standoff, triggered by a detention of American pastor Andrew Brunson. He was imprisoned in 2016. In response, the US imposed sanctions against Turkish Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu, accusing them of human rights violations. Moreover, the two countries slapped tariffs on each other’s imports.

Evidently, Erdogan’s decision to break with the practice of borrowing from the IMF is made as a countermeasure against the US pressure. One thing is obvious. Despite solid economic performance, Turkey is facing headwinds like a slump in the national currency, soaring inflation, the recent financial crisis, tensions in the government etc.