Greece: Third Review Under the Extended Arrangement Under the Extended Fund Facility—Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Greece
IMF Staff Country Reports, June 5, 2013
Source details
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- Greece: Third Review Under the Extended Arrangement Under the Extended Fund Facility—Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Greece
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Bibliographic details
- Published: June 5, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484389287.002
Executive summary and major findings
- The short-term objectives are being met, but medium-term targets and sustainability have to be worked on.
- The impressive fiscal adjustment evident since the crisis erupted is continuing.
- The Executive Directors commend the Greek government’s determination to focus on overdue spending cuts.
- Progress on improving tax administration and public administration reforms needs to be started in earnest.
- There is concern about debt relief undermining the payment culture.
- Reforms to open up the economy to competition should be stepped up.
- The macroeconomic and debt outlook must remain under close review.
Policy recommendations and reform priorities
- Implement overdue spending cuts to sustain fiscal consolidation.
- Begin in earnest reforms to improve tax administration.
- Initiate and accelerate public administration reforms.
- Avoid measures that could undermine the payment culture when designing debt relief.
- Step up reforms to open up the economy to competition.
- Maintain close review of the macroeconomic and debt outlook.
Analytical emphasis and coverage
- Focus areas: Banking; Budget planning and preparation; Expenditure; Financial institutions; Loans; Public financial management (PFM); Revenue administration; Structural reforms; Tax administration core functions.
- Keywords highlighted in the report: arrears data; arrears datum; Budget planning and preparation; CR; debt; Eastern Europe; EFF arrangement; Europe; Global; governance framework; government; ISCR; Loans; MEFP Annex III; State lottery; Tax administration core functions; undue government interference.
Publication and document specifics
- Publication date: June 5, 2013
- Pages: 201
- Volume: 2013
- Issue: 153
- Series: Country Report No. 2013/153
- DOI: https://doi.org/10.5089/9781484389287.002
- Stock No: 1GRCEA2013002
- ISBN: 9781484389287
- ISSN: 1934-7685
International Monetary Fund. Greece: Third Review Under the Extended Arrangement Under the Extended Fund Facility—Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Greece (June 5, 2013).