BUSINESS

IMF will probably not participate in Greek program, says Fund official

TAGS: Economy, Finance

The International Monetary fund (IMF) will probably remain as a technical adviser in Greece’s third bailout program and will not participate with funds, as time is running out to complete the administrational procedure, the country’s representative in the IMF, Michalis Psalidopoulos, has said.

“The Fund probably does not have enough time to activate its program and therefore, unless there is some development in the coming days, the program will not be activated,” he was quoted as telling the Athens-Macedonia news agenchy on Sunday.  

“You should be aware that the Fund has its own administrative, bureaucratic procedures and does not have enough time to take the necessary action,” he added.

Psalidopoulos said the next step is for the IMF’s mission to return to Greece to complete the regular Article IV review of the Greek economy which will include the debt sustainability analysis (DSA).

“The DSA of the Europeans [institutions] is expected at June 21 and the Fund’s DSA will be done when Article IV is completed. But for Article IV to be completed, the Fund’s mission must first return to Greece,” he said.

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