The growth forecast for the region was increased to 4.1 percent in 2021 from a previous projection of 3.6 percent in July and 3.4 percent in April.

The funds will improve the operational structure, corporate governance, and financial management of the country’s electricity transmission company and its subsidiary.

The Turkish company cited the breaches of contract and force majeure in its note that had been posted on Istanbul’s Public Disclosure Platform.

IMF forecasts 7.7 percent economic growth in 2021 and 5.8 percent in 2022.