BUSINESS

ESM: Greek loan installment to be disbursed 'in coming days'

TAGS: EU, Finance

Greece's fifth and final loan installment from its adjustment program will be disbursed “in the coming days,” the European Stability Mechanism (ESM) said in a press release on Thursday.

The ESM said its board approved on Wednesday the supplemental memorandum of understanding with Greece, following the completion of national parliamentary procedures and the European Commission signed it on behalf of the ESM.

“This paved the way for the Board of Directors to approve the disbursement of the fifth tranche, which is planned to be executed in the coming days,” it said.

On Wednesday, the German parliament's budget committee rubber-stamped the disbursement of the 15-billion-euro tranche to Athens.

Germany had blocked its release in July, after the Greek government announced it would postpone the increase of value-added tax on five islands of the Aegean hit by the influx of migrants, a measure that had been agreed on with the country's creditors.

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