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Greek Economy: New early repayment of 3,6 billion Euros of IMF loans

The Greek Ministry of Finance is proceeding with an early repayment of 3,6 billion Euros from loans it had to pay in 2021 and 2022 to the International Monetary Fund (IMF).

It is the second early repayment in a year that significantly reduces in part the most expensive loans of the country.

The Minister of Finance, Christos Staikouras, stated that “the Ministry of Finance, in the framework of the loan and management program of the public debt portfolio for 2021, has started the process for a new early repayment amounting to approximately 3,6 billion Euros, from the existing loans that the country has received from the International Monetary Fund (IMF). With this new repayment, the optimal utilization of the cash resources of the Greek State is further and immediately achieved, as well as the reduction of interest rate and foreign exchange risk, the reduction of refinancing risk for the next two years, while the basic sustainability indicators are improved, such as the index of annual gross financial needs as a percentage of GDP, as well as the debt-to-GDP ratio”, Mr. Staikouras emphasized.

He points out that “due to these factors, this new early repayment is expected to be perceived as a very positive event regarding the debt of the Greek State, both by the credit rating agencies and the international investment community”.

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