New York, Dec 19: The International Monetary Fund said on Friday it was disbursing about 2.5 billion euros ($3.3 billion) more to Greece as part of an effort to bail out the country’s struggling economy.
The IMF’s executive board said it had completed a review of Greece’s economic performance and found that the Greek authorities remained determined to implement reforms and that progress was being made.
IMF Deputy Managing Director Murilo Portugal said the Greek government deserved credit for pressing ahead with austerity measures and that inflation was declining and competitiveness improving.
But he acknowledged that public unhappiness with tough austerity measures is high and said the Greek government must stick with the course it has set.
“Given pressure points in the public sector and still unfavorable investor sentiment, comprehensive and timely reforms remain essential to secure renewed growth and sustainable public debt dynamics, while protecting vulnerable groups,” Portugal said in a statement.
So far, the IMF has disbursed about 10.58 billion euros to Greece as part of a broader rescue effort with the 27-country European Union for the nation’s debt-stricken economy.