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

From Cyprus to Carina: The 70-year legacy of Chris Nicolaou’s family store

Chris Nicolaou had two main goals when he arrived in Australia from Cyprus in 1955. The first was to be his own boss.

Greek community unites for heart health at AHEPA Australia’s fundraiser

AHEPA Australia hosted its Saving Hearts Fundraiser on Sunday, October 12, at The Grand Roxy in Brighton-Le-Sands, Sydney, raising over $2k.

Honouring Hellenism: One year of ‘Our People, Their Stories’ in Australia

“Our People, Their Stories,” an initiative of the Greek Orthodox Archdiocese of Australia, has celebrated its first anniversary.

GOCNSW hosts Dr Ifigeneia Dosi for inspiring Greek heritage language training

On Monday, October 13, the GOCNSW Afternoon and Saturday School Greek Language Program proudly hosted Dr Ifigeneia Dosi. 

Jon Adgemis’ pub buyback plan collapses after missed $6.7m payment

Bankrupt dealmaker Jon Adgemis has lost his bid to regain five Sydney pubs after missing a $6.7 million payment to administrators.

You May Also Like

The small Greek Orthodox Church that still grapples with the aftermath of 9/11

New Yorkers and tourists have been impressed with the progress in rebuilding Lower Manhattan in the 18 years since the September 11th attacks. In the...

Greek Australian artist VASSY receives Billions List award

Greek Australian-bred, singer, songwriter and dance music producer VASSY, has been honoured with the Billions List Award by APRA AMCOS.

Nick Andrianakos invests over $135 million for half stake in Adelaide shopping mall

Nick Andrianakos has invested in a major shopping centre, acquiring a $135 million-plus half stake in Adelaide’s Colonnades mall.