IKV Chairman Ayhan Zeytinoğlu stated that long-term and low-interest financing is needed to cope with the negative effects of the coronavirus pandemic. Chairman Zeytinoğlu emphasized that hot money will be needed to finance incentive packages, and that IMF might be considered as an option in this process. He also stated that IMF launched a new short-term liquidity line on 15 April 2020, which allowed IMF member countries to offer up to 145 percent of their quotas for short-term liquidity. Recalling Turkey's quota in the amount of $6.9 billion, and explaining that 145 percent of that stands at $10 billion, Chairman Zeytinoğlu indicated that IMF offers short-term funds as a counter-measure to deal with the effects of COVID-19 on the economy.

Reminding that Turkey has been a member of the IMF since 1947, Zeytinoğlu stated that the country has the right to take out loans from IMF from time to time, just like all other members that exercise that same right. Furthermore, Zeytinoğlu underlined the fact that the loans which IMF intends to provide in the context of the coronavirus crisis are different from other types of conditional stand-by agreements.

Chairman Zeytinoğlu completed his words as follows:

“The crisis we are currently facing is shaking all world economies. The decrease in production and consumption, stagnation, loss of income, and cutting trade networks show that there has been a contraction in the world economy. In this regard, a more serious crisis than great depression of 1929 and the 2008 financial crisis is fast approaching. According to estimates, the global economy will shrink by 3 percent. In these difficult conditions, IMF, which is the institution responsible for ensuring the stability of financial systems worldwide, announced a 1 trillion-dollar credit which will be provided to the 189-member countries. Even though applying to IMF is currently not on Turkey's agenda, as a member Turkey has every right to benefit from this fund. Therefore, in order to facilitate the hot money flow required by the Turkish economy, the IMF option should not be completely overlooked. One should underline that, unlike Turkey's stand-by agreement made before, this particular time loans will be provided to deal with the COVID-19 pandemic and be referred to as short-term funding. Fighting the crisis requires an injection of liquidity into the economy. In this respect, Turkey can use the new short-term funding proposed by IMF.