The International Monetary Fund (IMF) announced on Friday that it is releasing the fifth tranche of the loan to Greece amounting to 3.2 billion euros.
The IMF stressed in a relevant announcement that its board approved this amount being made available for Athens in the framework of the loan for 30 billion euros that had been agreed in May 2010. This loan is part of the agreement between Greece, the IMF, the European Union and the European Central Bank, totalling 110 billion euros.
New IMF chief Christine Lagarde said progress is being achieved in Greece, adding at the same time that more reforms are necessary.
Lagarde further said that the Greek government is achieving progress in the fiscal sector, promoting measures that are necessary to decrease the general governance deficit to less than 3 percent of GDP by 2014 and praised the privatisations programme.