urgent to reach agreement on loan for greece imf
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

'Urgent' to reach agreement on loan for Greece: IMF

Egypt Today, egypt today

Egypt Today, egypt today 'Urgent' to reach agreement on loan for Greece: IMF

The IMF so far has refused to participate in the 86 billion euro loan program
Washington - AFP

It is "urgent" to reach an agreement on a loan program for Greece but a commitment is still required from Athens on reforms and from Europe on debt relief, a senior IMF official said Friday. 

"It is urgent that we agree on a program and that we conclude these discussions because it's taking a toll on the Greek economy," Poul Thomsen, head of the IMF's European department, said. 

"There is no doubt about that, it's serious," he told reporters.

Talks between Greece, the International Monetary Fund and the eurozone have dragged on for many months. But Athens needs a fresh infusion of funds soon to make its debt payments due in July. 

Despite pressure from European heavyweight Germany, the IMF so far has refused to participate in the 86 billion euro loan program the eurozone agreed with Greece in mid-2015, the third since 2010, largely over the issue of the nation's debt sustainability. 

On the reform side, while some outstanding issues remain, Thomsen said "good progress" has been made with the Greek authorities in recent weeks, including on budget issues. An IMF mission will be back in Athens "next week."

 

- Budget surplus -

 

Greece announced on Friday a budgetary surplus (excluding debt charges) of 3.9 percent of GDP in 2016, in line with a target set by Europeans. 

European Commissioner Pierre Moscovici welcomed the result. 

"This should contribute to the will for the steps that lie ahead to find a lasting and comprehensive solution," he said on the sidelines of the IMF Spring meeting.

French Economy Minister Michel Sapin also was optimistic about a deal.

"I am quite confident that we will find, with the IMF and Germany, a solution that will help Greece and thus the EU to stabilize the situation," he told AFP. 

Thomsen, however, said disagreements persist over the period of time in which Athens will have to meet the surplus objective, which the IMF considers too ambitious. 

The eurozone says Greece can deliver a primary surplus of 3.5 percent of GDP in 2018 but the IMF has said only 1.5 percent is feasible.

The IMF also needs more clarification from Europe on the how it will implement the promised debt relief for Greece, he said.

If these two issues are resolved, the IMF will be able to participate financially in the aid plan, as it did in 2010 and 2012, Thomsen said. 

IMF chief Christine Lagarde on Friday met with Greek Finance Minister Euclid Tsakalotos and she had "constructive" discussions, but did not provide further details.

She has stressed that the fund cannot participate in any loan program unless the debt level of the country is considered sustainable.

Source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

urgent to reach agreement on loan for greece imf urgent to reach agreement on loan for greece imf



GMT 13:29 2018 Friday ,14 December

Turkey targets military over alleged Gulen links

GMT 10:27 2017 Saturday ,06 May

Lions roar to seventh

GMT 09:51 2017 Saturday ,03 June

Nour finished filming her scenes in “Jackpot”

GMT 06:40 2018 Sunday ,02 December

Teenage quick Shaheen Afridi set for Test baptism

GMT 13:27 2018 Wednesday ,14 November

Haifa Wehbe to perform at Dubai’s Gotha Club

GMT 08:24 2018 Thursday ,25 October

Barca cruise past Inter without Messi

GMT 13:28 2018 Wednesday ,26 September

Free car repairs on Abu Dhabi roads

GMT 14:18 2018 Tuesday ,16 January

Giggs set to be named as Wales boss

GMT 12:01 2016 Saturday ,30 July

Atletico sign Kevin Gameiro from Sevilla

GMT 21:55 2017 Monday ,21 August

Sisi greets Afghanistan on Independence Day

GMT 11:49 2017 Thursday ,26 October

Mariam underlines tourism in India

GMT 10:33 2017 Friday ,15 December

ppage: PSG coach Emery's house robbed
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday