IMF welcomes Eurogroup's financing commitment on Greece
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Xinhua, July 3, 2011
The International Monetary Fund (IMF) said on Saturday that it welcomed the Eurogroup's commitment to a financing strategy on debt-ridden Greece.
"This commitment, together with the recent parliamentary passage of the necessary fiscal measures in Greece, will enable the IMF's Executive Board to consider the completion of the fourth review and the release of the next tranche under the current Stand- By Arrangement with Greece," Caroline Atkinson, IMF's Director of the External Relations, said in a statement.
Eurogroup finance ministers decided on Saturday to release the fifth tranche of loans to Greece to avoid an immediate default of the country.
"We look forward to continue working with the Greek authorities and the European partners in support of the economic program that will contribute to restoring fiscal sustainability, safeguarding financial sector stability, and boosting competitiveness to create the conditions for sustained growth and employment," noted Atkinson, IMF's chief spokeswoman.
The 12-billion-euro (17.38-billion-U.S.-dollar) tranche of the four-year 110-billion-euro bailout pact that Athens secured last year to avoid default and a supplementary package under discussion over the past few weeks, are considered as essential to the rescue of the country from economic collapse.
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