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The main goal of Greece’s new IMF-supported program is to support a return to growth through a major improvement in competitiveness (photo: Jeremy Lightfoot/Robert Harding/Newscom)

The IMF and Civil Society

IMF Board Approves €28 billion Loan for Greece

March 15, 2012

The IMF has approved a new €28 billion loan for Greece as part of the overall financing package agreed by Athens and its partners in the eurozone.

The IMF’s 24-member Executive Board agreed on March 15 that the new loan will be made under the Extended Fund Facility , which is designed for countries undertaking reforms to address deep-seated structural weaknesses.

Approval of the new program will lead to the immediate disbursement of about €1.65 billion ($2.2 billion). The previous three-year Stand-By Arrangement that was approved in May 2010 has been canceled by the Greek authorities, which means that any undisbursed funds have also been canceled and will not automatically become part of the new program.

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