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IMF Approves New Loan for Greece

International Monetary Fund approves $36 billion for debt-ridden country, despite misgivings about its economic performance with previous loan

Greece's Finance minister Evangelos Venizelos (file photo)
Greece's Finance minister Evangelos Venizelos (file photo)

The International Monetary Fund has approved a new $36 billion loan for debt-ridden Greece, despite misgivings about the country's economic performance with a previous loan.

The board of the Washington-based IMF on Thursday adopted a proposal by its managing director, Christine Lagarde, for the new funding. She said last week that the IMF loan would be a reflection of the agency's "determination to remain engaged" in helping the Athens government solve its economic woes and over time, boost Greece's economic fortunes.

The IMF loan comes on top of the recent agreement by Greece's European neighbors to hand it a new $170 billion bailout, the country's second rescue package in two years, and private creditors' elimination of $142 billion in debt Greece owes them.

The international funding organization has said it was disappointed in Greece's economic progress after securing a previous $39 billion IMF loan. The agency sent Greece $26 billion of that loan, but canceled the remainder to make way for the new funding.

Some information for this report was provided by AFP.

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