Staikouras Says Greece’s Full IMF Debt Repayment is Testimony of New Democracy – Greek City Times

Greek Finance Minister Christos Staikouras announced on Monday that Greece has completed repayment of its debt to the International Monetary Fund (IMF).

“A chapter that opened in May 2010, with Greece’s recourse to the Fund for financial support, is now over,” the minister said in a statement.

Commenting on the event, Staikouras said the completion of the payment was “a very positive relationship, the result of the effective economic policy of the current government”.

He also sent a positive message to the markets regarding the state of Greece’s fiscal situation.

It also strengthens the profile of its public debt and adds a saving of 230 million euros in total to the state budget, for the benefit of Greek society, he underlined.

IMF debt repayment “began, continued and was completed by the New Democracy government.” Staikouras Noted.

At the same time, he said, the government continues, despite great obstacles and external challenges, to move forward “decisively and with confidence in its economic and social strengths, to make Greece stronger all around, with a more productive, outgoing, and socially more equitable economy.

Three successive bailouts totaling some 260 billion euros ($285 billion) between 2010 and 2018 prevented Greece from going bankrupt and exiting the common euro.

But successive Greek governments have been forced to implement painful budget cuts and tax hikes that have led to rising unemployment and poverty.

Despite exiting the bailout program in 2018, Greece remains under an enhanced surveillance program created by European lenders to monitor spending, an arrangement due to end later this year.

The EU’s bailout fund, the European Stability Mechanism, also last week approved Greece’s early repayment of 2.65 billion euros ($2.91 billion) in loans made before the official creation. of the MES.

Meanwhile, Greece’s economy is expected to grow 3.5% this year due to rising energy prices and the Ukraine crisis, the International Monetary Fund said on Friday, lowering a previous estimate of 5.4%. % made last summer.

“Growth is expected to remain robust despite the negative impact of the war in Ukraine and high inflation,” the fund said in a statement after a staff visit to Greece.

READ MORE: Greece’s confident economy is still on track despite the Ukraine crisis.

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