Υπ. Of Finance: Early repayment of the IMF and repayment of the installments of the First Memorandum

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The process for the early repayment of the IMF is estimated to be completed by the end of January 2022, while a little later, probably in mid-March, the early repayment of the installments for 2022 and 2023 of the loan received by Greece will take place. from the first memorandum.

The total amount to be paid amounts to a total of approximately 7.1 billion euros and will be “drawn” from the cash of the State which currently amounts to 38.2 billion euros.

Eurozone finance ministers have spoken positively about Athens’s move with its leader European Stability Mechanism (ESM) to state after the end of the Eurogroup last Monday that, as in the past, “we will make an assessment of how this affects Greece’s creditworthiness, its ability to repay to other creditors” to add that “work will be done early next year and then we will come to a conclusion and a recommendation from the ESM to our government bodies “.

The main goal of Athens is to further reduce the cost of servicing the Greek debt while improving its profile.

The payments of the GLF loans for 2022 amount to 2.64 billion euros as for 2023. The same amount will have to be paid by Greece every year until 2039, in 2040 the amount amounts to 1.93 billion. euros and in 2041 to another 573 million euros (total 50.78 billion euros).

Regarding the process to make the final decision is not as simple as except formal request to be submitted by Greece and approval by the European Stability Mechanism (ESM), will have to accept the Greek proposal and the Member States that gave the loans.
Given that these loans do not have a discount penalty (as ESM loans do) some countries may not accept, having calculated the interest they would receive from the loan in Greece.
It should therefore be clarified whether Greece can pay some of the lender countries and not all of them and agree with each of them on the amount to be repaid.

The process for repaying the IMF

The process for the early repayment of the IMF is almost similar and in this case, the “Green light” from the ESM, without activating an early repayment clause and his own loans.
The ESM should make a positive contribution to the Eurogroup, arguing that early repayment improves Greek debt sustainability, with finance ministers to make the final decision.

In terms of loans remaining from the IMF, Greece will have to pay a total of 1.8 billion euros: 132 million euros at the end of 2022, 1.3 billion euros in 2023 and another 278 million euros in 2024.

Our country has already proceeded with the early repayment of IMF loans, approximately 6 billion euros, in two installments, with the last one, amounting to 3.3 billion euros, in March 2021. They concerned installments until the beginning of December 2022.

Referring to the upcoming traffic in Athens IMF chief Kristalina Georgieva noted that after the loan is repaid by the IMF, the role of the Fund will continue to include monitoring and policy advice.
“We will continue to provide services to Greece, as long as the country considers them useful,” the IMF chief said.

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