Special Report: Global Financial Crisis

    ANKARA, Nov. 13 (Xinhua) -- A senior World Bank (WB) official has said that Turkey needs some 130 billion U.S. dollars in foreign financing in 2009, resulting from short-term debt that needs to be rolled over, local newspaper Today's Zaman reported on Thursday.

    Ulrich Zachau, the World Bank's country director in Turkey Ulrich Zachau made the prediction while speaking at the 6th International Finance Summit in Istanbul on Wednesday.

    "As the slow down in the global economies threatens emerging markets, Turkey will not remain immune and it will need external financing worth 130 billion US dollars in the next year," Ulrich was quoted as saying.

    The global economic and financial crisis would certainly be felt in Turkey, simply because it has shown its affects in all emerging markets, said Ulrich, adding that some changes would take effect in the country's income, fiscal and social policies.

    Turkey needs to be prepared, and new policies and preventive measures against the risks must be taken, the WB official urged, adding that if Turkey proceeds with the reforms it has been implementing, then the country would display a much improved and more resilient performance.

    Turkey's precautionary policy helped reduce the country's public debts to below 40 percent, which is a very small amount compared to its gross national products, which shows that the country's fiscal and economic policies have been successful, according to the report.

    "The finance sector in Turkey was in a much better state than it used to be, thanks to the reforms implemented during the past couple of years. However, Turkey is not immune to crisis. A medium term fiscal frame has crucial importance," Ulrich said.