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Turkey in final stage talks over getting $10B funding from Qatar

Turkey in final stage talks over getting $10B funding from Qatar

Arab Finance: Turkey is in the final stages of talks over obtaining up to $10 billion in financing from Qatar, unnamed sources told Reuters on November 25th.

The funding includes about $3 billion in financing to be offered for Turkey by the end of 2022, according to the sources.

Turkish and Qatari leaders already discussed the possibility of the total funding taking the form of a swap, Eurobond, or other methods, a senior Turkish official said.

"Talks for Qatar to provide new resources to Turkey have reached the final stage. A minimum amount of $8 billion is foreseen,” the official said, adding that the financing could total as much as $10 billion.

"Resources will be obtained, with $2-3 billion by the end of this year [and] the rest to come next year. This could be a swap or Eurobond but they are discussing several methods. There is a mutual agreement," the source added.

The funding could help boost the forex reserve, which would consequently support the policy of President Tayyip Erdogan in pursuing interest rate cuts amid growing inflation.

On the other hand, another Turkish official said that the talks for $2 billion to $3 billion funding for 2022 were focused on the Eurobonds.

In 2022, Turkey’s finance ministry borrowed $9 billion of the $11 billion foreign borrowing foreseen for the year.

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