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IMF approves in principle $1.8 bln standby loan arrangement for Greece
July 20, 2017 / 10:29 PM / 2 months ago

IMF approves in principle $1.8 bln standby loan arrangement for Greece

WASHINGTON, July 20 (Reuters) - The International Monetary Fund on Thursday approved in principle a $1.8 billion standby arrangement for Greece, joining a bailout currently shouldered exclusively by European institutions.

When IMF Managing Director Christine Lagarde proposed joining the Greek program in June, she said an approval in principle would allow the IMF to participate but withhold funds until Greece’s European creditors provide commitments for debt relief needed to ensure the country’s debt sustainability. (1 euro = $1.1631) (Reporting by Lesley Wroughton; Editing by Richard Chang)

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