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Economy

Greece Completes Early Repayment of IMF Loans

ΑΤΗΕΝS — Greece on Thursday completed an early repayment of part of existing loans received by the International Monetary Fund (IMF) worth 3.3 billion euros, initially scheduled to be paid by December 2022.

The early repayment of IMF loans, taking advantage of the maximum exploitation of existing cash reserves of the Greek state, is the second under the present government, totaling 6.0 billion euros, or 75 pct of total outstanding debt to the IMF (8.0 billion euros). The remaining outstanding debt to the IMF totals 1.8 billion euros.

The Finance ministry, in an announcement, said that this move further enhances the country’s credibility towards its partners, institutions, markets and investors, reduces both borrowing and foreign exchange risks, limits the risk of refinancing for the next two years and improves the basic indicators of public debt sustainability.

This new early repayment has already been received as a very positive fact regarding the country’s credit rating, both by credit rating firms and the international investment community, as shown by the significant demand, the low cost of borrowing and the excellent quality of the 30-year bond, allowing the Greek state to continue draining new funds from capital markets under very favorable terms, it said.

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