01 Jul
Chapter News

Statement by the IMF on Greece

Press Release No.15/310 | June 30, 2015

Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today:

“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.

“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.”

In this context:

Nine Key Questions on Greece

In May 2010, the IMF approved €30 billion in financial assistance for Greece under a Stand-By arrangement to support the country’s economic reform program. In March 2012, the IMF approved €28 billion (or $36.7 billion) in financial assistance for Greece under an extended arrangement to support the country’s economic reform program. To date, Greece has €21.2 billion in outstanding obligations to the IMF.

A repayment of about €1.5 billion was due to the IMF under the stand-by arrangement on June 30, 2015. That repayment was not made when due.

Here are answers to key questions about the IMF’s financing to Greece.