Greece plans to begin the early repayment of 3.6 billion euros ($4.4 billion) in loans owed to the International Monetary Fund (IMF), Finance Minister Christos Staikouras said on Monday
ATHENS (Pakistan Point News / Sputnik - 28th December, 2020) Greece plans to begin the early repayment of 3.6 billion euros ($4.4 billion) in loans owed to the International Monetary Fund (IMF), Finance Minister Christos Staikouras said on Monday.
"The Ministry of Finance ... has begun a new early repayment process, which will commence in the near future, of approximately 3.6 billion euros in existing loans that the country received from the International Monetary Fund," Staikouras said in a statement.
The repayment will cover loans that are set to mature in 2021 and 2022, the minister said.
With the coming repayment, Greece will have paid back approximately 80 percent of the 8 billion euros owed to the IMF, Staikouras added.
The Greek government is choosing to repay the loans early in order to optimize the country's fiscal resources and reduce both interest rates and the risk of currency volatility.
The IMF provided billions of dollars in loans to Greece to help the Mediterranean country combat a debt crisis that began in 2008.
The European Commission and the European Central Bank have also contributed to Greece's economic recovery over the past decade, although many in Athens have criticized the tough reforms that were required to access emergency funds.
