World bank on public investment program of Turkey review of a report

In February, 1980, only weeks after the opening of the 24th January package of economic measures, Mr. Özal (then Undersecretary to State Planning Organization (SPO) of Turkey) was confirming to Mr. McNamara (then President of the World Bank) that a new approach to economic problems was enunciated as a matter of policy. He emphasized that "the... control of inflation is more important in present than the attainment of a higher growth" and "a majör reorientation away from the state sector" was among the policy choices. "In recognition of this," he wrote, "we intend... (to rigorously tailor) the level of annual investment" to the resource availabilities and these intentions were "related to the size and the quality of investment programs." He also reiterated that resources will be directed to priority areas in consultation with the World Bank and demanded, in addition to a program loan to support the January 24th package, "other program assistance as appropriate."