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EU partners must make Greek debt sustainable before IMF provides additional funding

The International Monetary Fund (IMF) will consider additional funding to Greece only if the country's European partners take steps to make Greece's debt sustainable, head of the IMF mission to Greece Delia Velculescu, said on Friday (Greek time).

Velculescu made the statement at the close of the International Monetary Fund's team visit to Greece, from July 30 to August 12, to participate in technical discussions between the Greek authorities and the European Commission, European Central Bank and European Stability Mechanism (ESM) on an economic programme that could be financially supported by the ESM.
The agreement reached between Greece and its European partners "is a very important step forward" and "puts in place far-reaching policies to restore fiscal sustainability, financial sector stability, and sustainable growth," she said, and before prompting Greece's European partners to move ahead with debt relief.

“In the period ahead, we look forward to working with the authorities to develop their programme in more detail and for Greece’s European partners to make decisions on debt relief that will allow Greece’s debt to become sustainable," she said.

"The IMF will remain closely engaged with the Greek government and the European partners to assist in this process, and will make an assessment of its participation in providing any additional financing to Greece once the steps on the authorities' programme and debt relief have been taken, expected at the time of the first review of the ESM programme," she clarified.