IMF disputes Greece will make its key fiscal targets

Greece will fail to reach its primary surplus target of 3.5 percent of gross domestic product both in 2019 and the next few years, the International Monetary Fund projects in its Fiscal Monitor published on Wednesday in the context of the Fund’s annual meeting.

The IMF estimates that this year’s primary budget surplus will amount to 3.3 percent of GDP, sliding next year to 2.6 percent. In 2021 and 2022 it is seen shrinking to 2.5 percent and then to 2.3 percent in 2023 and 2 percent in 2024. This compares with a government projection – with which the European Commission appears to agree – for a primary surplus of 3.7 percent in 2019 and 3.6 percent next year, not to mention that the budget target was exceeded by 3 billion euros in the first nine months of this year.

Regarding the national debt, the IMF forecasts a significant decline from 176.6 percent this year to 154.1 percent in 2024.