Turkish Premier said on Wednesday that Turkey and the IMF jointly decided not to sign a stand-by arrangement.

Erdoğan said Turkey had been standing on its feet in recent terms, and not only Turkey but also the fund was thinking that there was no need for a stand-by arrangement.

However, Turkey and the IMF would continue their routine talks since Turkey was one of the 192 member states, he also said.

The IMF committee is expected to visit in May. The Treasury Undersecretariat has announced the invitation on its website. The announcement included the following statement: "Our cooperation with the IMF, which has led to structural reforms foreseen by the Mid-term Program and constructive results in other fields, will continue."

IMF also made a statement on the issue. IMF Foreign Relations Director Caroline Atkinson said Turkey's economic outlook was getting better, and moving on this base, they have agreed to begin Article 4 consultations in May 2010.

Article 4 consultations, is a mechanism provisioned by the IMF Charter to be held annually with all member countries.

However, the last Article 4 consultations with Turkey were held back in May 2007. In this regard, a committee of IMF experts, will hold consultations with government and Central Bank officials and will prepare a report on Turkey's economic situation.