January 22, 2018 / 6:58 PM / 8 months ago

Euro zone to disburse new loans to Greece when all reforms are done-statement

BRUSSELS, Jan 22 (Reuters) - Euro zone finance ministers welcomed strong Greek progress in delivering reforms agreed with lenders, but agreed on Monday to wait with the next disbursement of loans for all of the agreed actions to be completed, they said in a statement.

To pay out new loans, international lenders have asked Greece first to adopt 110 “prior actions”. To meet that condition, Greece passed a so-called omnibus bill last week.

“The Eurogroup welcomes the implementation of almost all of the agreed prior actions,” the statement said.

“The Eurogroup calls on the Greek authorities to complete the outstanding prior actions as a matter of urgency,” it said.

“Following the full implementation of the prior actions and subject to the completion of national procedures, the ESM governing bodies are expected to endorse the supplemental MoU and approve the disbursement of the fourth tranche of the ESM programme,” the ministers’ statement said.

It said the new loans worth 6.7 billion euros would be disbursed to Greece in two tranches, starting in February with 5.7 billion euros for debt servicing needs. (Reporting By Jan Strupczewski)

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