ANNEX-A

 
Table 1. Turkey: Quantitative Performance Criteria and Indicative Targets
  
   March 31, 2000 June 30, 2000 September 30, 2000
   Ceiling/Floor Outcome Ceiling/Floor Outcome Ceiling/Floor Outcome
 
I.Performance criteria  
 
1. Floor on the cumulative primary balance of the consolidated government
sector (in trillions of Turkish lira) 1.550    2.600    3.900   
Adjustment for earthquake-related expenditures 196    398    744   
Adjusted floor 1.354 2.810 2.202 4.283 3.156 5.971
  
2. Ceiling on the stock of net domestic assets of the CBT
(in trillions of Turkish lira) -1.200 -1.266 -1.200 -1.291 -1.200 -1.308
  
3. Floor on net international reserves (in millions of US$) 12.000    12.750    12.750   
Adjustment for disbursements of foreign loans in excess of baseline 1.330    2.208    2.684   
Adjusted floor (in millions of US$) 13.330 16.657 14.958 17.769 15.434 17.874
  
4. Ceiling on contracting or guaranteeing of new external public debt
(in millions of US$) 12.000 11.918 16.000 15.024 20.000 17.374
  
5. Ceiling on the stock of public short-term external debt outstanding
(in millions of US$) 500 0 500 0 500 0
  
II. Indicative targets  
  
1. Floor for the cumulative overall balance of the consolidated government
sector (in trillions of Turkish lira) -6.000    -12.150    -15.850   
Adjustment for earthquake-related expenditures 196    398    744   
Adjusted floor -6.196 -4.495 -12.548 -9.319 -16.594 -11.984
  
2. Floor on the cumulative primary balance of the consolidated government
sector including privatization proceeds (in trillions of Turkish lira) 2.150    3.850    5.900   
Adjustment for earthquake-related expenditures 196    398    744   
Adjusted floor 1.954 2.827 3.452 5.009 5.156 7.526
  
Source: Data provided by the Turkish authorities.