International Monetary Fund (IMF) Chief Christine Lagarde said that Greece had a lot of work to do before a cash-for-reforms deal could be clinched with its creditors from the European Commission, European Central Bank and the IMF.

Speaking to German ARD TV in English, she said: “We are all in the process of working towards a solution for Greece and I would not say that we already have reached substantial results.”

She noted that things have moved but there is still a long way to go, adding her belief that Greece would fulfil its commitments.

Her comments come following a barrage of statements by officials speaking on the sidelines of the G7 summit in Dresden. Along the same lines, Eurogroup Chief Jeroen Dijsselbloem, German Finance Minister Wolfgang Schaeuble, French Finance Minister Michel Sapin, European Commission Vice President Valdis Drombovskis also said on Wednesday that Greece is far from clinching a deal and urged for more progress.