The IMF approved another loan to Greece of 1.6 billion euros

Moscow. July 21. INTERFAX.RU – the international monetary Fund (IMF) on Thursday took a principled decision to approve the allocation of a new loan for Greece in the amount of 1.6 billion euros, the report said Fund.

Details and terms of the loan have yet to be agreed. IMF stresses that the money will be transferred to Athens only if the organization considers that Greece is able to cope with the debt load.

Another condition is to alleviate the debt burden of Greece by the EU countries.

Greece’s national debt in the last 10 years exceeds 170% of GDP, and this year is expected to reach 179% of GDP.

According to experts of IMF, even in the case of the implementation by Greece of all the promised reforms of its debt will be about 150% of GDP by 2030, and then become unmanageable. The EU can help Greece overcome its debt burden by extending grace periods, longer terms of loans and deferral of interest payments, the report said Fund, attached to the decision on the allocation of funds.

In June, the Eurogroup agreed to provide Athens a new tranche under the third programme of assistance in the amount of 8.5 billion euros. After this decision, the American credit Agency Moody’s has upgraded long-term rating of Greece by one notch to “Caa3” to “Caa2”.