Turkish Prime Minister Receb Tayyip Erdogan said Tuesday that his country’s foreign reserves were more than $125 Billion. Erdogan who was speaking at a meeting with his party’s parliamentary bloc today , said that Turkey allocates 16% of its income to taxes, while the rest goes towards investment. The Turkish premier further said that Turkey will repay all its debt, currently worth $400 million to the International Monetary Fund (IMF), by May 14 2013. With that payment, Erdogan added, Turkey would finally repay all of its foreign debt which reached $23 Billion at one point.