IMF gives in principle backing to 1.6bn loan for Greece

Friday, July 21st, 2017
Last Update: 01:47

The International Monetary Fund approved on Thursday in principle a €1.6 billion standby arrangement for Greece. In its statement the IMF says that: The Executive Board of the International Monetary Fund (IMF) today approved in principle an SDR 1.3 billion (about €1.6 billion, US$ 1.8 billion, or 55 percent of quota) precautionary Stand-By Arrangement (SBA) for Greece.When IMF Managing Director Christine Lagarde proposed joining the Greek program in June, she said an Approval in Principle (AIP) would allow the IMF to be supportive of the progress made on policies, while release of resources under the IMF arrangement would be conditional upon Greece’s European creditors providing commitments for debt relief sufficient to secure debt sustainability. She had also explained that “AIP is a procedure which the IMF has relied upon in the past where there has been agreement on the policies that would underlie an IMF-supported program, but where full agreement between the member and its creditors has not yet been reached on new financing or debt relief. In the case of Greece, AIP would allow the IMF to be supportive of the progress made on policies, while release of resources under the IMF arrangement would be conditional upon Greece’s European creditors providing commitments for debt relief sufficient to secure debt sustainability".

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