BUSINESS

Greece completes repayment of expensive IMF loan

TAGS: Economy

Greece completed on Monday the early repayment of a chunk of an expensive loan owed to the International Monetary Fund (IMF), the Finance Ministry said.

The move concerns loans worth 2.7 billion euros and will allow Athens to reduce its debt-servicing costs.

“With this action, the country's credibility is strengthened, borrowing costs are lowered, smaller amounts are paid, public debt sustainability is improved and the confidence of the international markets is further strengthened,” the ministry said in a press release.

The government submitted the request to the European Stability Mechanism in September to repay some of its loans to the IMF, which were worth about 9 billion euros, and Greece's creditors approved it on October 28. 

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