IMF agrees on Greece’s progress, looks for “more specificity” on assumptions and debt measures

23 May 2017
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Acknowledging the progress on the second review of the third bailout program, the Director of the IMF’s European
Department Poul Thomsen, acknowledged Greece’s progress, adopting last reform package.

As Monday’s Eurogroup meeting has concluded without an agreement on the Greek issue, the International Monetary Fund (IMF) specifies its position and next steps before 15 June 2017 Eurogroup meeting in Luxembourg, according to neweurope.

“This is a very strong program that the Greeks have adopted last week,” said Thomsen. “It is the kind of a program that will allow a much more growth-friendly fiscal policy in Greece over the medium term. That is exactly what we are looking for.”

This staff level agreement that the IMF can support, but “it is still up to the IMF board management to take the final decision,” added Thomsen.

“More specificity”
The IMF still supports the need for credible package on debt relief. “We are making progress but we are not quite not there yet,” added Thomsen.
“There is a need for a bit more realism in the [macroeconomic] assumptions and I think there is a need for a bit more specificity,” said the IMF European chief, adding that it is the basic assumptions of the May 2016 Eurogroup agreement of the Eurogroup have to be calibrated to the last detail before the end of the programme. “We still need a bit more specificity about what will come at the end of the ESM programme,” concluded Thomsen’s statement.

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