Turkey and the International Monetary Fund (IMF) could finalize a new deal in the near future, the head of the Fund said on Friday after meeting Turkish Prime Minister Tayyip Erdogan.

Turkey’s 10-billion dollar stand-by agreement with the IMF expired in May and the government is yet to decide on the future shape of the relations with the IMF amid global turmoil.    

“It was a fruitful meeting. There could be a new deal in the near future,” broadcaster CNNTurk quoted Dominique Strauss-Kahn as saying after his meeting with Erdogan on the sidelines of the Group of 20 summit in Washington.

Erdogan and Strauss-Khan discussed the framework and maintenance of relations and agreed to continue technical works, economy officials told Anatolian Agency, adding Turkey and IMF would continue discussions to carry on relations at a certain level.

After the meeting, IMF said in a statement that Strauss-Kahn and Erdogan agreed to be in close contact and cooperation in the future.

Erdogan also met the World Bank President Robert Zoellick.

World Bank is expected to raise country lending limit for Turkey to support employment, small and medium-sized enterprises and renewable energy works, officials told the agency.