Greece Makes $615Mln IMF Repayment as Scheduled

The Greek government transferred €580 million ($615 million) in loan repayments to the International Monetary Fund (IMF) on time as the country tries to reach a deal with its international lenders to unlock further bailout funds.

The payment was made by the Greek Public Debt Management Agency (PDMA).

#Greece made repayment owed to #IMF: Finance Ministry Official

— Peter Hoskins (@PeterHoskinsTV) 16 Март 2015

Greece needs to make a further payment of €350 million ($370 million) due on Friday. The country will also have to refinance €1.6 billion ($1.7 billion) of three-month treasury bills this week.

The country is rumored to be running out of cash reserves. Greek Prime Minister Alexis Tsipras allayed these fears on Sunday, saying there was "no problem with liquidity."

Greece has been kept afloat since May 2010 by financial aid from the EU and the IMF. The country has borrowed a total of €240 billion ($254 billion) under two aid packages from the troika of creditors comprising the European Union, the European Central Bank and the IMF.

However, the newly appointed government has to reach a deal with its creditors to unlock further bailout funds. The negotiations with a delegation of technical inspectors on the new set of reforms are still ongoing.