{
  "title": "Press Release: IMF Completes Third Review Under Stand-By Arrangement for Greece and Approves €4.1 Billion Disbursement",
  "publication": "IMF News, March 14, 2011",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1177",
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  "summary": "Date of press release: March 14, 2011",
  "publishDate": "2011-03-14",
  "sections": [
    {
      "heading": "Review outcome and financing",
      "content": "- Date of press release: March 14, 2011\n- The Executive Board completed the third review of Greece’s economic performance under a three-year Stand-By Arrangement (SBA).\n- Immediate disbursement: amount equivalent to SDR 3.6 billion (about €4.1 billion).\n- Total Fund disbursements under the SBA after this disbursement: amount equivalent to SDR 12.725 billion (about €14.6 billion).\n- The SBA was approved on May 9, 2010 (Press Release No. 10/187).\n- The cooperative financing package with Euro area member states amounts to €110 billion over three years.\n- The SBA entails exceptional access to IMF resources, amounting to more than 3,200 percent of Greece’s quota."
    },
    {
      "heading": "Assessment of economic program progress",
      "content": "- Program objectives: put the economy on a path of sustainable growth by boosting competitiveness, strengthening financial sector stability, and securing sustainable public finances.\n- Progress noted:\n  - Output remains close to the targeted path.\n  - Underlying inflation remains low.\n  - Unit labor costs are falling.\n  - Significant fiscal adjustment is under way.\n  - Overall, a measure of stabilization has been achieved.\n- Caveats and remaining needs:\n  - Underlying fiscal and broader reforms necessary for medium-term objectives are gradually being put in place, but some major reforms still need to be designed and implemented to build a critical mass to underpin fiscal sustainability and economic recovery."
    },
    {
      "heading": "Policy recommendations and action priorities (from Mr. John Lipsky, First Deputy Managing Director and Acting Chair)",
      "content": "- Fiscal framework and budgeting:\n  - Complete by May a medium-term budget strategy to help put fiscal adjustment on a firmer foundation.\n  - Address a projected budget gap: implementation should begin during 2011.\n  - The strategy of under-executing the state budget to offset revenue shortfalls and overspending at subnational levels cannot be sustained.\n  - Redouble efforts to combat tax evasion and control spending, especially at the local government level.\n  - Ensure a fair distribution of the adjustment burden; continue dialogue with social partners.\n- Structural reforms to support recovery:\n  - Deepen structural reforms.\n  - Fully implement legislation to liberalize regulated professions.\n  - Implement reforms pertaining to collective bargaining and the pension system.\n  - Reduce administrative barriers to exports.\n  - Formulate a strategy to unlock potential in the tourism sector.\n- Privatization and asset use:\n  - Scale up privatization and real estate development program.\n  - More efficient use of state assets will support fiscal adjustment, promote growth and employment, and help Greece retire maturing debt.\n- Financial sector stability:\n  - The financial system remains stable.\n  - Time will be provided to allow banks to deleverage and restructure in an orderly fashion.\n  - Capital support through the FSF remains available to viable banks if necessary."
    },
    {
      "heading": "Concluding statement",
      "content": "- The authorities are commended for their commitment to the program, which \"will help Greece return to growth and prosperity,\" Mr. John Lipsky said.\n\nInternational Monetary Fund — Press Release No. 11/77\n\n---\n\n\n References\n\n- Greece and the IMF\n- Press Releases\n- PRESS CENTER\n- Press Release No. 10/187\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr1177"
    }
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    "Published: March 14, 2011",
    "Date of press release: March 14, 2011",
    "The Executive Board completed the third review of Greece’s economic performance under a three-year Stand-By Arrangement (SBA).",
    "Immediate disbursement: amount equivalent to SDR 3.6 billion (about €4.1 billion).",
    "Total Fund disbursements under the SBA after this disbursement: amount equivalent to SDR 12.725 billion (about €14.6 billion).",
    "The SBA was approved on May 9, 2010 (Press Release No. 10/187).",
    "The cooperative financing package with Euro area member states amounts to €110 billion over three years.",
    "The SBA entails exceptional access to IMF resources, amounting to more than 3,200 percent of Greece’s quota.",
    "Program objectives: put the economy on a path of sustainable growth by boosting competitiveness, strengthening financial sector stability, and securing sustainable public finances.",
    "Progress noted:",
    "Caveats and remaining needs:",
    "Fiscal framework and budgeting:",
    "Structural reforms to support recovery:",
    "Privatization and asset use:",
    "Financial sector stability:",
    "The authorities are commended for their commitment to the program, which \"will help Greece return to growth and prosperity,\" Mr. John Lipsky said.",
    "[Greece and the IMF](http://www.imf.org/external/country/GRC/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No. 10/187](https://www.imf.org/external/np/sec/pr/2010/pr10187.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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