IMF's Thomsen welcomes Greece's intention to repay loan early


IMF's Thomsen welcomes Greece's intention to repay loan early

Poul Thomsen, director of the International Monetary Fund's (IMF) European Department, welcomed Greece's intention for the early payoff of its IMF loan, reiterating that the support the Fund provides is of a temporary nature in statements on Friday.

At a press conference during the IMF's Spring Meetings, Thomsen said Greece has fulfilled its fiscal targets successfully, but the reduction of the tax exemption limit is necessary for the growth of the Greek economy.

Reducing the tax exemption would allow Greece to increase investments and state expenditures in order to improve services that were downgraded during the crisis, he noted.

In terms of non-performing loans (NPLs), he said that as the IMF no longer runs a program in Greece, he cannot comment on capital needs of Greek banks. The IMF's position, however, supports having a reliable strategy of managing the majority of NPLs.

Source: ana-mpa

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