On March 9, 2012 (the same day the Greek government asked the IMF for an Extended Fund Facility (EFF) agreement), IMF managing director Christine Lagarde supported the agreement. It was approved on March 15, with an immediate disbursement of 1.4 billion SDR and an overall commitment of 23.7853 billion SDR (2.159 percent of the Greek quota). The SBA's undisbursed funds were also cancelled. The program aimed to return to growth with improved competitiveness, a reduced minimum wage and public spending, and fighting tax evasion.
