Saturday, September 11, 2010
IMF Completes First Review Under Stand-By Arrangement with Greece and Approves €2.57 Billion Disbursement
Press Release No. 10/335
September 10, 2010
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Greece’s performance under an economic program supported by a 3-year, SDR 26.4 billion (about €30 billion) Stand-By Arrangement (SBA). The completion of the review enables the immediate disbursement of an amount equivalent to SDR 2.16 billion (about €2.57 billion), bringing total disbursements under the SBA to SDR 6.97 billion (about €8.28 billion).
The SBA, which was approved on May 9, 2010 (see Press Release No. 10/187), is part of a cooperative package of financing with Euro area member states amounting to €110 billion over three years. It entails exceptional access to IMF resources, amounting to more than 3,200 percent of Greece’s quota, and was approved under the Fund's fast-track Emergency Financing Mechanism procedures.
Posted by Yulie Foka-Kavalieraki at 12:05 PM