IMF: Greece to return to primary surpluses in 2023

International Montetary Fund IMF

Greece will return to primary surpluses from 2023 and remain on a course of reducing its public debt, the IMF said in its Fiscal Monitor report released on Wednesday.

The Fund sees the general government primary surplus at 0.9% of GDP in 2023, rising to 2% in 2027, from primary deficits of 1.8% this year and 5.5% in 2021.

According to the report, the general government balance, including capital payments on debt, will show a deficit of 1.9% of GDP in 2023, from a shortfall of 4.4% this year, falling to 0.7% in 2027.

Public revenue is expected to fall from 47.6% of GDP this year to 45.9% in 2023 and to 43.6% in 2027, while public spending are projected to fall from 52% this year to 47.8% in 2023 and to 44.3% in 2027.

The general government debt is expected to fall from 199.4% of GDP in 2021 to 177.6% this year, to 169.8% in 2023 and to 149.9% in 2027.

The IMF called national governments to maintain an austere fiscal policy and to adopt focused support measures against high energy prices.

On Thursday, October 13, Finance Minister Christos Staikouras will represent Greece at the introductory meeting of the IMFC (International Monetary and Financial Committee), where the course and prospects of the global economy will be analysed and the IMF's reports on the prospects of the global economy (World Economic Outlook), fiscal figures (Fiscal Monitor) and financial stability (Financial Stability Report) will be presented.

On Friday, October 14, Staikouras will participate in a meeting of EU finance ministers with US Treasury Secretary Janet Yellen, as well as in the Plenary of the Annual Meeting of the IMF and the World Bank, while he will meet with Greeks working at the International Monetary Fund.

He will also take part in a meeting of finance ministers, with the aim of preparing the COP15 Biodiversity Summit. In this meeting on "Investing in nature: Aligning financial flows with biodiversity goals", European Commissioner for International Partnerships Jutta Urpilainen and Environment, Oceans and Fisheries Virginijus Sinkevicius will participate.

Finally, on Saturday, October 15, the finance minister will meet with the Director of the European Department of the IMF, Alfred Kammer.

READ MORE: Votanikos: Panathinaikos' new stadium will cost €125 million.