The International Monetary Fund on 29 July 2013 approved a further
1.7 billion euros (2.3 billion US dollars) in funds for Greece's bailout
programme after it completed the fourth review of IMF. The total funds
from the IMF, the European Commission and the European Central Bank
include 5.8 billion euros.
Greece's reform record has been dismal ever since its EU/IMF bailout
began in mid-2010, resulting into frequent delays in the disbursement of
rescue funds. Greece goes through its sixth year of recession and
unemployment increases at a record rate of 27 percent.
The IMF's board relinquished several requirements Greece had to
fulfill by the end of June2013, since data was not yet available. This
comprises targets for overall government debt, government domestic
arrears and the general government balance.
Although Greece cut budgets and external imbalances it has not done enough on broader reforms to its tax collection and public sector which are necessary to ensure its economy returns to growth.
Although Greece cut budgets and external imbalances it has not done enough on broader reforms to its tax collection and public sector which are necessary to ensure its economy returns to growth.
Greece will receive another 1 billion euros from international
lenders in October 2013. Greece's bailout package was approved in March
2012, will total 173 billion euros over four years. It was done to help
Greece recover from a sovereign debt crisis and return to markets, and
protect the country from a possible exit from the euro zone.
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