EWG opens way for completion of Greece’s 3rd review; loan tranche to reach 6.7 bln euros

The EuroWorking Group gave the green light on Friday for the Eurogroup on Jan. 22 to announce the completion of Greece’s third program review, during a teleconference to discuss the issue, a Eurozone official said.

The EWG discussed the report compiled by the institutions and the implementation of the prior actions by the Greek government. The approval will open the way for the disbursement of the next loan installment.

The European Stability Mechanism (ESM) is expected to disburse 6.7 billion euros to Greece after procedures are completed by the Eurogroup. Out of the total amount, 3.3 billion euros will cover the country’s loan needs for the period February-June 2018, 1.5 billion euros will be used to repay State arrears towards the private sector, and 1.9 billion euros to create a liquidity buffer.