The Executive Board of the International Monetary Fund (IMF) today completed the third review of Greece’s performance under an economic program supported by an Extended Fund Facility (EFF) arrangement. The completion of this review enables the disbursement of SDR 1.5 billion (about €1.74 billion or US$2.26 billion), which would bring total disbursements under the arrangement to SDR 5.7 billion (about €6.57 billion or US$8.55 billion).
The EFF arrangement, which was approved on March 15, 2012 (see Press Release No. 12/85), is part of a joint package of financing with euro area member states amounting to about €173 billion over four years. It entails exceptional access to IMF resources equivalent to about 2,159 percent of Greece’s quota.
The Executive Board also concluded today the 2013 Article IV Consultation with Greece, which discusses policies from a longer-term perspective. A Public Information Notice (PIN) on the Board’s assessment of the Consultation will be released separately.