The European Stability Mechanism (ESM) disbursed the fifth and final installment of the mechanism’s financial assistance programme to Greece on Monday.

€9.5 billion of the tranche will be used for building up Greece’s cash buffer and €5.5 billion will be used for debt service. After the disbursement, the cash buffer will reach around €24 billion. That sum would cover around 22 months of Greece’s financing needs after the end of the programme on 20 August.

ESM Managing Director Klaus Regling said: “The last disbursement and the positive conclusion of the final review send out a message that Greece has come a long way during the three years of the ESM programme. The commitment and hard work of the Greek people are now paying off. The final set of reforms completed by Greece included important actions in the field of tax policy, combatting tax evasion, public revenue reforms, and the resolution of non-performing loans.”