Saturday, 9 July 2011

IMF releases new funds for Greece

8 July 2011 Last updated at 21:53 GMT

 Anti-austerity protest in Athens Greece still has to introduce "many structural reforms" says the IMF The International Monetary Fund has backed the latest 3bn-euro (£2.6bn) instalment of a rescue package for Greece.

It is the latest tranche in the IMF's joint bail-out with the European Union aimed at helping the country pull back from an impending debt default.

A 110bn-euro rescue package was drawn up for the country last year.

The IMF also said on Friday that Greece had continued to make "some progress" in introducing economic reforms.

And the fund said it believed Greece would return to positive growth in the first half of 2012.

"The [rescue] programme is delivering important results: the fiscal deficit is being reduced, the economy is rebalancing, and competitiveness is gradually improving," IMF managing director Christine Lagarde said in a statement.

"However, with many important structural reforms still to be implemented, significant policy challenges remain."

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