Press Release No. 11/77
March 14, 2011
The Executive Board of the International Monetary Fund (IMF) today completed the third review of Greece’s economic performance under a program supported by a three-year Stand-By Arrangement (SBA) for Greece. The completion of the review enables the immediate disbursement of an amount equivalent to SDR 3.6 billion (about €4.1 billion), bringing total Fund disbursements under the SBA to an amount equivalent to SDR 12.725 billion (about €14.6 billion).
The SBA, which was approved on May 9, 2010, is part of a cooperative package of financing with Euro area member states amounting to €110 billion over three years. It entails exceptional access to IMF resources, amounting to more than 3,200 percent of Greece’s quota.
Greece’s economic program has made further progress toward its key objectives of putting the economy on a path of sustainable growth by boosting competitiveness, strengthening financial sector stability, and securing sustainable public finances. The underlying fiscal and broader reforms necessary to deliver the program’s medium-term objectives are gradually being put in place, although some major reforms still need to be designed and implemented to build a critical mass necessary to underpin fiscal sustainability and economic recovery.
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