Greece to repay billion dollar debt to IMF

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Greece plans to repay more than 7 billion euros of remaining debt to the International Monetary Fund and eurozone partners over the next two months.

According to Reuters, officials, who spoke on condition of anonymity, said Greece’s treasury would repay 1.8 billion euros ($2.03 billion) in IMF loans ahead of schedule, the latest batch of a total of 28 billion euros that the lender provided in two bailouts between 2010 and 2014.

In addition, it would repay some 5.3 billion euros in loans from Greece’s eurozone partners expiring in 2022 and 2023 by the end of the first quarter.

“We expect to complete the repayment within the next two months,” an official told Reuters.

“It will help us reduce our debt-to-GDP ratio. It will also send a signal to the markets that the Greek economy is strong and healthy,” a second official added.

Greece repaid around €6 billion to the IMF ahead of schedule in 2019 and 2021 and has €1.8 billion in outstanding loans due by 2024.

It started repaying the first bailout loans to its eurozone partners last year and wants to pick up the pace.

Disagreements and confrontations between the IMF delegation in Athens and successive Greek governments over the harsh austerity conditions imposed by the fund were common during the crisis years when Greece was in deep recession with unemployment reaching 27%.

[Reuters]

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