The International Montery Fund (IMF) Friday commended Greece for its reform and austerity efforts after being spared from default by a massive European Union-International Monetary Fund (IMF) rescue package, dpa reported.
"The programme appears to be broadly on track as authorities are making considerable progress in putting public finances on a sustainable path and are implementing major reforms, including of the pension system, ahead of schedule," the IMF said in an interim report.
A more comprehensive review was slated to begin July 26. After that review is finished, the IMF would make available the next installment of 3.27 billion dollars under the standby arrangement, the IMF said.
In exchange for a 110-billion-euro (138-billion-dollar) loan over three years, Greece pledged to slash its budget deficit from more than 14 per cent of gross domestic product (GDP) in 2009 to the EU- mandated 3 per cent limit by 2014.
Last week, despite massive protests, the Greek government pushed back the retirement age from 58 years to 65 years old.