World Bank Group Timeline
First Structural Adjustment Loan approved
Structural Adjustment Loans (SALs) reduce the medium-term account deficits of a borrowing country while supporting adjustment programs, which include specific policy changes designed to strengthen a country's balance of payments. Turkey receives the first SAL for $200 million to reduce inflation, increase foreign exchange earnings, and improve domestic resource mobilization in the public and private sectors.
Resource Gallery
Memorandum regarding the naming of loan to Turkey
March 6, 1980
Senior Loan Officer Richard Gregory notes for the record that a proposed200 million program loan to Turkey should be renamed the "Structural Adjustment Loan," officially making it the World Bank Group's first (30032321).
Turkey Policies and Prospects for Growth
Document date: March 1980
The report provides findings of the April 1979 Turkey Special Economic Mission and a detailed analysis of the Turkish economy.
Memorandum containing a review of the Turkey Structural Adjustment Loan
Oct. 24, 1980
A review of the Turkey Structural Adjustment Loan and a review of the program's implementation is provided in advance of the release of the loan's final tranche (30032321).
Loan Agreement (Structural Adjustment Loan) - 1818 TU
Document date: Mar. 26, 1980
The agreement outlines the terms and conditions of the World Bank Group's loan to the Republic of Turkey.
Back-to-office summary and correspondence from Turkey minister of finance to President McNamara
Aug. 3, 1979
The summary of findings from an appraisal mission to Turkey includes a spreadsheet containing elaboration on macro economic issues (10599578).
Memorandum regarding Turkey's proposed Program Loan II
Feb. 1, 1980
In his guidance relating to a proposed Program Loan II to Turkey, Senior Vice President of Operations Ernest Stern suggests that the loan not be advertised as "lending for structural adjustment" (30032321).
Signing of first Structural Adjustment Loan
March 1980
From left to right, seated: Mr. Herbert Sutter, alternate executive director for Turkey; Mr. Alaeddin Yoruk, Turkish embassy; and Mr. A. David Knox, World Bank Group Projects Department, Europe, the Middle East and North Africa Region (1729435; Credit: The World Bank).
Turkey Structural Adjustment Loan Project
P008929: Approved Mar. 25, 1980
The project includes the implementation of associated projects under two other loans that undertake comprehensive country economic programs.
Interview with Ernest Stern
Interview date: Jan. 5, 1995
Stern considers the introduction and evolution of structual adjustment lending on pages 20-54.
