IMF Refuses to Grant Greece Delay in Debt Payment

Christine Lagarde said that International Monetary Fund is refusing to grant Greece a delay in payment of its debt in May.

MOSCOW (Sputnik) — International Monetary Fund (IMF) is refusing to grant Greece a delay in payment of its debt in May, IMF head Christine Lagarde said.

According to the Financial Times newspaper's Thursday report, Lagarde had explained the policy of not granting delay requests to Greek Finance Minister Yanis Varoufakis after Greece informally asked for more time earlier this month.

"Payment delays have not been granted by the board of the IMF in 30 years. We have been able to express and explain the policy of the IMF in terms of payment delays and give the precedents and history of that to Mr Varoufakis," Lagarde said at a press conference, as quoted by the Financial Times.

Lagarde called on Athens to implement "tedious" work of designing reforms for the country's economy, saying that stability "is not done by a political last-minute accord, it's done by looking at measures, committing to reforms, measuring what the outcome will be."

Greece's debt to the troika of international creditors, that includes the IMF, the European Union and the European Central Bank (ECB), is estimated to be some $270 billion.

The country is expected to repay $220 million to the IMF on May 1 and $840 million on May 12.

Athens and Eurozone finance ministers agreed on the extension of Greece's bailout for four months in February. As part of the deal, Greece promised to implement a range of economic reforms.

Greece now needs to come up with a reform plan before the next meeting with the EU Finance Ministers scheduled for April 24, in order to receive the next aid package.