IMF frees $4.6bn in aid for Greece

GMT 12:13 2014 Friday ,30 May

Arab Today, arab today IMF frees $4.6bn in aid for Greece

Greece's economy is forecast to return to growth
Washington - AFP

The International Monetary Fund released $4.6 billion in aid to Greece Friday, after a yearlong delay to ensure Athens was meeting targets set by bailout lenders.
The disbursement followed Greece's successful return to debt markets in April, raising $4.2 billion as commercial lenders see decreased risks in the country's finances.
The IMF funds are part of a four-year joint package with the European Union set in March 2012 and worth a total of $235 billion (173 billion euros) to rescue the sinking Greek economy.
The package has required extensive reforms and painful austerity budgeting by the government.
In its sixth year of recession, Greece's economy is forecast to return to growth later in 2014.
The economy was still shrinking in the first quarter, but at a 1.1 percent annual pace, an improvement on the 2.3 percent contraction of the previous quarter.


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