IMF Set to Approve New Loan for Greece

Posted March 15th, 2012 at 10:25 am (UTC-5)
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The International Monetary Fund appears set to approve a new $36 billion loan for debt-ridden Greece, despite misgivings about the country’s economic performance with a previous loan.

The board of the Washington-based IMF was expected to meet Thursday and adopt a proposal by its managing director, Christine Lagarde, for the new funding. She said last week that the IMF loan would be a reflection of the agency’s “determination to remain engaged” in helping the Athens government solve its economic woes and over time boost Greece’s economic fortunes.

The IMF loan would come on top of the recent agreement by Greece’s European neighbors to hand it a new $170 billion bailout, the country’s second rescue package in two years, and private creditors’ elimination of $142 billion in debt Greece owes them.

The international funding organization has said it was disappointed in Greece’s economic progress after securing a previous IMF loan.