July 8, 2011
The International Monetary Fund's executive board on Friday approved a disbursement of about 3.2 billion euros to help Greece pay debts due this month and return to positive economic growth in 2012.
In announcing the payment, part of a 110 billion euro IMF-European Union bailout package crafted for Greece last year, IMF Managing Director Christine Lagarde said debt-laden Greece has made progress but has much more work to do.
"The program is delivering important results: the fiscal deficit is being reduced, the economy is rebalancing, and competitiveness is gradually improving," Lagarde said in a statement on her fourth day in her new role.
"However, with many important structural reforms still to be implemented, significant policy challenges remain. A durable fiscal adjustment is needed, lest the deficit get entrenched at an unsustainably high level, and productivity-enhancing reforms should be accelerated, lest growth fail to recover," she said.
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