Saturday, December 18, 2010

IMF Completes Second Review Under Stand-By Arrangement for Greece, Approves €2.5 Billion Disbursement

International Monetary Fund
December 17, 2010
Press Release No. 10/502

The Executive Board of the International Monetary Fund (IMF) today completed the second review of Greece’s economic performance under a program supported by a three-year Stand-By Arrangement (SBA) for Greece. The completion of the review enables the immediate disbursement of an amount equivalent to SDR 2.16 billion (about €2.5 billion), bringing total disbursements under the SBA to SDR 9.13 billion (about €10.58 billion).

The SBA, which was approved on May 9, 2010, 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.


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