Tags: IMF | Loan | Greece

IMF Approves $2.95 Billion Loan for Greece

Monday, 05 Dec 2011 08:02 AM

 

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The International Monetary Fund on Monday agreed to release a 2.2 billion euro ($2.95 billion) aid disbursement to Greece, part of a three-year IMF-EU bailout package to help the debt-stricken country avoid bankruptcy.

"The executive board of the International Monetary Fund today completed the fifth review of Greece's economic performance under a program supported by a three-year Stand-By Arrangement for Greece," the IMF said in a brief statement.

The disbursement brings to 20.3 billion the sum paid out to Greece so far under the 30 billion euro IMF loan agreed in May last year. It is part of a bigger 110 billion euro rescue package for the country.

The approval of the latest aid tranche followed assurances by Prime Minister Lucas Papademos and his new unity government that the country would stick to terms of a debt reduction deal.

Last week, European leaders approved an 8 billion euro tranche for Greece.

An IMF mission will travel to Athens between December 12 and December 16 for preliminary discussions with the new coalition on economic policies.

© 2014 Thomson/Reuters. All rights reserved.

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