Greece went ahead on Friday with the early repayment of Greek Loan Facility (GLF) loans totaling 5.29 billion euros that would expire in 2024 and 2025.
The Greek Loan Facility is the first financial support programme for Greece, agreed in May 2010. It consisted of bilateral loans from euro area countries, amounting to 52.9 billion and a 20.1 billion loan from the IMF.
This is the second such early repayment of GLF loans by Greece, while in 2022 the country repayed all its loans to the IMF, also ahead of schedule.
The "early repayment of loans certifies the upward trajectory of Greece's economy, and contributes to creating even more positive prospects for the coming years," noted Greek National Economy & Finance Minister Kostis Hatzidakis.
The reduction of the debt both as a percentage of GDP and in absolute terms - and by extension the limitation of its servicing costs - correspondingly reduces the budget's expenses for interest, and frees up resources for further development, added the minister.
Also important "is the Greek debt's improved profile in the medium term, while combined with regaining investment grade status it translates to the further improvement of borrowing conditions of the Greek state from international markets", he pointed out.