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Turkish economist, former head of UN Development Program Kemal Dervis dies at age of 74

Turkish economist, politician and former head of the United Nations Development Program Kemal Dervis died Monday on the age of 74, Turkish information shops reported.

He was being handled for an unspecified sickness in Washington D.C., state-run Anadolu Agency reported, as did BBC Turkish and t24, which first reported the information.

In early 2001, amid the worst financial disaster in Turkey’s trendy historical past, Dervis left his job on the World Bank, the place he had labored for greater than twenty years, and joined the federal government on the invitation of then-Prime Minister Bulent Ecevit. Inflation was hovering and the inventory market had crashed.


As minister of financial affairs, Dervis was largely liable for the profitable three-year financial restoration plan launched that 12 months, which included main structural adjustments and financial institution reforms.

He additionally negotiated loans from the International Monetary Fund, a extremely unpopular transfer as deep spending cuts had been required. However, they’d result in fast financial development resuming in 2002 and a big discount of inflation by 2003.

Kemal Dervis

The former chief of the United Nations Development Program, Kemal Dervis, talks on the sidelines of a convention of finance ministers in Warsaw, on Dec. 8, 2008. Dervis has died on the age of 74. (AP Photo/Czarek Sokolowski, file)

He resigned his ministerial place in August 2002, and was elected as an MP for the primary opposition Republican People’s Party, generally known as CHP, within the normal elections which passed off later that 12 months.


In 2005 the United Nations General Assembly unanimously confirmed Kemal Dervis because the administrator of the United Nations Development Program. The publish is the third highest within the U.N. following the Secretary-General and Deputy Secretary-General. He didn’t search a second time period in 2009 when his four-year time period expired. “I realized of Kemal Dervis’ passing with nice disappointment,” tweeted tutorial and Sabancı University finance chair Ozgur Demirtas. “He is an important economist and minister. He was the architect behind the restoration from the 2001 disaster. If the reforms Kemal Dervis had needed not been applied, Turkey would have been caught within the 2001 disaster. Condolences.”

“I’m very saddened by the lack of our esteemed minister Kemal Dervis, whose work I valued deeply and who represented our nation efficiently on the world stage,” tweeted former minister and present opposition politician Ali Babacan.

Born January 10, 1949, Dervis obtained his bachelors and masters levels from the London School of Economics in 1968 and 1970 respectively, and his PhD from Princeton University in 1973. He authored and co-authored various books on economics, together with “Inequality in America: Facts, Trends and International Perspectives”, in 2012, and “Recovery from the Crisis and Contemporary Social Democracy”, in 2006.

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