International Monetary Fund (IMF) executive board on Thursday approved 1.8 billion USA dollars of stand-by loan arrangement for Greece in principle.
International Monetary Fund managing director Christine Lagarde said she expects "a plan to restore debt sustainability to be agreed soon between Greece and its European partners".
It also will depend on whether Greece's economic programme remains on track.
Greece lost market access to the bond market due to high interest rates in 2010 and briefly returned with a 2014 bond issue, only to seek a third successive bailout the following year.
Viper Energy Partners LP (NASDAQ:VNOM) Shares Bought by Morgan Stanley
Viper Energy Partners LP (VNOM ) belonging to the Energy sector has declined -6.17% and closed its last trading session at $15.2. Raymond James Financial Services Advisors Inc. boosted its position in Viper Energy Partners by 6.5% in the first quarter.
"As we have said many times, even with full programme implementation, Greece will not be able to restore debt sustainability and needs further debt relief from its European partners", Lagarde said. A second executive board decision is needed to make the arrangement effective.
Delia Velculescu, IMF mission chief for Greece, told reporters on a conference call there was no deadline for European lenders to agree on debt relief over the next 13 months.
The arrangement will expire on August 31, 2018, shortly after the expiration of the European Stability Mechanism program, said the statement.
The programme, which contains an overall central government debt ceiling for Greece, assumes that Greece's primary fiscal surplus will reach 2.2 percent of gross domestic product in 2018.
- American swimmer Twichell wins women's 5km open water event at FINA worlds
- Taiwan Semiconductor Manufacturing Company Ltd.
- Jordie Barrett nails sideline conversion with weaker foot at Hurricanes training
- Analysts Set Publicis Groupe SA (NASDAQ:PUBGY) Price Target at $21.00
- Regrettez-vous la fin du "dress code" à l'Assemblée — Veste et cravate
- Opération du Hezbollah et de l'armée syrienne à la frontière
- Now here's a USA poll Trump would love: Clinton has lower numbers
- GOP Senate Candidate Calls ADL 'Witch Hunt Group'
- 19 radars fixes bâchés par les buralistes dans le Bas-Rhin
- N'golo Kante reveals trophies Chelsea want to win next season