IMF approved 1.7 Billion Euros for Greece's Bailout Programme

Jul 30, 2013 12:37 IST

The International Monetary Fund on 29 July 2013 approved a further 1.7 billion euros (2.3 billion US dollars) in funds for Greece's bailout programme after it completed the fourth review of IMF. The total funds from the IMF, the European Commission and the European Central Bank include 5.8 billion euros.

Greece's reform record has been dismal ever since its EU/IMF bailout began in mid-2010, resulting into frequent delays in the disbursement of rescue funds. Greece goes through its sixth year of recession and unemployment increases at a record rate of 27 percent.

The IMF's board relinquished several requirements Greece had to fulfill by the end of June2013, since data was not yet available. This comprises targets for overall government debt, government domestic arrears and the general government balance.
Although Greece cut budgets and external imbalances it has not done enough on broader reforms to its tax collection and public sector which are necessary to ensure its economy returns to growth.

Greece will receive another 1 billion euros from international lenders in October 2013. Greece's bailout package was approved in March 2012, will total 173 billion euros over four years. It was done to help Greece recover from a sovereign debt crisis and return to markets, and protect the country from a possible exit from the euro zone.

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