A delegation of European and International Monetary Fund officials are due to visit Greece July 26 to decide whether the country should get the next installment of an EUR110 billion bailout.
The visit by the so-called troika of European Commission, European Central Bank, and IMF officials is part of a planned two-week long review of the country’s ongoing austerity and reform program.
“The troika will come on Monday,” said a government official. “They will stay for two weeks.”
Facing prohibitive borrowing costs on the international markets, the Greek government in May agreed to a three-year austerity and reform program in exchange for a EUR110 billion loan.
So far, Greece has received EUR20 billion from that loan and expects to receive another EUR9 billion disbursement in September, provided that the government has lived up to its commitments. Another EUR9 billion is expected to be disbursed in December, pending a further review later this year.
However, approval seems likely. An interim IMF report issued last Friday said that Greece’s reform program seems “broadly on track” while Jean-Claude Juncker, head of the informal group of euro zone countries, also expressed confidence last week that Greece would meet the conditions to receive another tranche in funding.
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