IMF approves in principle $1.8-billion standby loan arrangement for Greece
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A man looks down while a Greek national flag flutters atop one of the bastions of the 17th-century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19, 2017. REUTERS/Alkis Konstantinidis/File PhotoWASHINGTON: 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.
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