Last IMF bailout enters Greece safe

The International Monetary Fund issued its latest tranche of 2.3 billion dollars Monday to keep highly indebted Greece afloat, dpa reported.

The IMF, a Washington-based crisis lender, has now issued nearly 11 billion dollars to recession-plagued Greece as part of a bailout agreement.

"The Greek authorities have continued to make commendable progress in reducing fiscal and external imbalances," IMF chief Christine Lagarde said.

"However, progress on institutional and structural reforms, in the public sector and beyond, has still not been commensurate with the problems facing Greece. Greater reform efforts remain key to an economic recovery and lasting growth."

The European Union on Friday said that Athens had met all the conditions to receive 5.3 billion dollars this week from the eurozone's rescue fund. The German Parliament on Monday allowed the EU payment to go forward.

The Greek Parliament passed measures this month to reduce the government payroll.

Lagarde said that Greece must still do more to improve revenue collection and combat tax evasion, and push structural reforms that can increase long-term growth prospects.

"(Greece's) public debt is projected to remain high well into the next decade. The assurances from Greece's European partners that they will consider further measures and assistance, if necessary, to reduce debt to substantially below 110 per cent of GDP by 2022, conditional on Greece's full implementation of all conditions contained in the programme, are welcome," Lagarde said.

"Their continued commitment to provide adequate financial support to Greece during the life of the programme and beyond until the country has regained market assess, provided that Greece complies fully with the programme, remains essential."


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