Greece on track to repay last of IMF loans by end of March

·

By Eleni Patsalides.

Greek Finance Minister, Christos Staikouras, told Reuters on Monday that Greece will repay the final portions of bailout loans owed to the International Monetary Fund (IMF) by the end of March, two years ahead of schedule. 

Greece received more than 260 billion euros in bailout loans from the European Union and the IMF during the decade-long financial crisis. It has exclusively relied on bond markets for its financing needs since leaving its third bailout in 2018. 

Since 2018, it has made multiple early repayments to the IMF and now owes 1.9 billion euros in loans by 2024. This amount is the last batch of a total of 28 billion euros that the Washington-based fund provided to Greece between 2010 and 2014. 

“Greece has officially submitted a request for the full prepayment of the outstanding balance of its IMF loans. The relevant procedure has been launched and is expected to be completed at the end of March,” Staikouras told Reuters in an interview

With public debt seen at almost 190 percent of gross domestic product this year, Greece remains the euro region’s most indebted nation. 

The repayment is expected to help the nation’s capital, Athens, reduce the debt by 1 percent and save almost 50 million euros in interest payments. 

Staikouras stated that despite the increase in spending to cope with the impact of COVID-19, Greece has implemented “a prudent and responsible fiscal policy and an insightful debt issuing strategy.” 

Staikouras said stronger growth and higher budget revenues will allow the country to return next year to a surplus in the primary budget, which excludes debt servicing costs. 

“Regarding 2023 onwards, we will shift towards the achievement of realistic primary surpluses,” he said.

Source: Investing, Reuters  

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Kostas Sloukas praises Greek Australian fans as Panathinaikos arrive in Sydney

Panathinaikos BC touched down in Sydney this week for the second leg of the 7th Pavlos Giannakopoulos Tournament.

From family legacy to the Federal Court: A look into Justice Anastasis Liveris’ legal career

In an exclusive interview with The Greek Herald, the Greek Australian judge reflected on how he felt to achieve this major career milestone.

The Greek influence on Australian television

Among the many communities that helped shape TV culture were Greeks, whose presence both on and off screen left a lasting mark.

Critically endangered monk seal welcomes newborn on Karpathos island

The first Mediterranean monk seal (Monachus monachus) birth of 2025 has been confirmed on the island of Karpathos.

Campaigners celebrate as Milos luxury hotel project is halted

Environmental activists have welcomed the suspension of a controversial five-star hotel project on Milos’s world-famous “moon beach”.

You May Also Like

Artefacts found in Lord Elgin’s sunken ship off the coast of Kythera

The Greek Ministry of Culture recently conducted their latest underwater investigation of the ‘Mentor’, one of the ships used by Lord Elgin.

Convicted murderer who stabbed Frankie Prineas 37 times has jail sentence extended

Convicted killer, Jayscen Anthony Newby, will spend at least five more years in jail after a decision by the ACT Court of Appeal.

In memoriam of Elizabeth Jeffreys: A leading scholar in Byzantine and Greek studies

Professor Elizabeth Jeffreys died suddenly after a debilitating stroke early on the morning of September 12.