...

IMF releases 3.2 billion euros for Greece

Business Materials 9 July 2011 04:59
The International Monetary Fund released 3.2 billion euros (4.5 billion dollars) in emergency loans to Greece on Friday to help finance the country's recovery from its debt crisis.
IMF releases 3.2 billion euros for Greece

The International Monetary Fund released 3.2 billion euros (4.5 billion dollars) in emergency loans to Greece on Friday to help finance the country's recovery from its debt crisis, DPA reported.

With the latest release, the IMF has distributed 17.4 billion euros of a 110-billion euro plan set up by the IMF and European Union to contain Greece's fiscal crisis.

The IMF and Greece have conditioned the funding on progress by the Greek government in undertaking needed reforms and introducing policies to improve the country's finances.

"Greece has specified the policies necessary to overcome recent fiscal adjustment and structural reform implementation problems, which should allow the country to make further progress toward program objectives in the period ahead," the IMF said.

The IMF noted there were signs the Greek economy was beginning to regain its footing and that positive economic growth was projected for the first half of 2012.

IMF chief Christine Lagarde said the lending programme was working, but Greece still has difficult challenges to overcome in establishing reforms.

"The programme is delivering important results: the fiscal deficit is being reduced, the economy is rebalancing, and competitiveness is gradually improving," Lagarde said. "However, with many important structural reforms still to be implemented, significant policy challenges remain."

Lagarde identified the debt crisis in Greece as a top priority for the IMF on Wednesday, one day after she became its director.

Latest

Latest