Greece’s economic stability program was currently on the right track, but more time is needed to achieve fiscal restructuring, Carlo Cotareli, director of fiscal affairs in the International Monetary Fund said on Tuesday.

Presenting the Fund’s report on the fiscal situation of global economy, Cotareli said that “Greece has offered more than expected in the spending leg”.

Presenting the report, the IMF’s official said countries under market pressure (such as Greece, Ireland and Portugal) must be ready to adopt additional measures to meet commitments they took over in the framework of their stability programs.

The report said that the Greek fiscal deficit will fall to 7.4 pct of GDP this year and noted that despite the purchase of a significant part of Greek debt by the European Central Bank, figures showed that foreigners have sold Greek debt, part of which has been bought by non-financial Greek entities. Cotareli predicted that a recent increase in interest rates by ECB will not change the Fund’s forecasts.