By Lefteris Papadimas

ATHENS, (Reuters) – Greece will repay over 7 billion euro in international Monetary Fund loans and other partners of the Eurozone in the coming two months. This is in addition to paying off the remaining IMF funds that it borrowed in order to avoid bankruptcy in the financial crisis. Two officials stated this.

According to Reuters, officials spoke under anonymity and said that the Treasury would repay 1.8 Billion Euros ($2.03 Billion) of IMF loans in advance of schedule. This is the latest batch of 28 billion euro IMF loans the lender gave in the two bailouts it provided between 2010-2014.

Additionally, the loan repayments from Greece’s partners in the eurozone would be made to the amount of 5.3 Billion Euros. These loans expire in 2022/23 and are due to run out by the third quarter.

According to Reuters, one official stated that they plan to finish the repayment within the next two-months.

“This will reduce our ratio of debt to GDP. A second official stated that this will send signals to markets that the Greek economic system is strong and healthy.

Between 2010 and 2015, Athens required three bailouts international from the IMF and the European Union. They totalled more than 260 million euros. It has been reliant on the market for all its funding needs since exiting bailouts in 2018.

Greece paid 6 billion euros more to IMF in advance of the IMF’s schedule for 2019 and 2021. There are still 1.8 billion euro in unpaid loans due in 2024.

The company began paying the first euro-zone partners’ bailout loans last year, and it wants to accelerate the process.

Athens’ IMF delegation and the successive Greek government were frequently at odds during Greece’s crisis years. During this time, Greece was experiencing deep recession. Unemployment reached 27%.

Greece is expected to end enhanced surveillance conditions which permit the European Commission closely to examine its adherence in summer to the commitments. IMF advice and counseling could be continued.

After the recovery from the initial wave of COVID lockdowns, the government estimates that the economy will grow 9% by 2021. It is also forecasting an increase of over 5% in 2019. The government has 32 billion euro cash reserves, sufficient to pay at least three years’ worth of maturing debt.

($1 = 0.8846 euros)