Prime Minister Recep Tayyip Erdogan said that Turkey and the IMF failed to reach an agreement over some of the fund's stringent conditions.

“Turkey is now able to stand on its own feet,” Erdogan told reporters.

Turkey's previous loan deal with the IMF ended in May 2008 and talks for a new loan were stalled after Erdogan insisted that the Turkish government would not accept harsh austerity cuts to spending.

In Jan. 2009, an IMF delegation headed by IMF Turkey Desk Chief Rachel Van Elkan met then-Economy Minister Mehmet Simsek in Ankara for talks on IMF loan.

Some reports had said Turkey was eyeing some $25 billion in loans.