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The IMF's Executive Board welcomed the agreement reached between Athens and the European Union (EU) in June to reduce the debt burden in the next 5-10 years, but noted that this might not be enough. Ministers agreed to extend the repayment period of a large part of the Greek debt for 10 years. In exchange, Greece is committed to aiming for an initial budget surplus that excludes debt payments by 3.5% by 2022. From GDP, and by 2060 – 2.2 %. GDP Athens is also committed to making an average growth rate of 3%. However, the IMF's annual report on the Greek economy and debt sustainability again raised doubts about which goals were labeled as "very ambitious". According to the Foundation, maintaining such indicators for many years will be difficult and will require additional cutting costs, including retirement expenses.
The Greek people are experiencing economic difficulties, tax cuts and high unemployment for many years. According to the report of the Foundation, "an impressive fiscal adjustment up to here in Greece has been achieved thanks to various political measures that are generally unsustainable for economic growth", also warns "political pressure to lift certain reforms".
According to estimates by IMF experts, the average rate of economic growth that Greece can reach is only about 1% and the primary surplus could at best reach 1.5% . GDP
However, even for these much smaller goals, "substantial" reforms will have to be made, notes the IMF.
According to the Fund, since 1945, maintain more than 1.5%. The average primary fiscal surplus for more than 10 years has affected only five countries in the euro area
According to IMF estimates, according to the current program, Greece's debt is expected to fall 178% by 2023. GDP
Greece currently owes $ 10 billion to the Fund. which should be returned by all to 2024.
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