Spain making progress in banking sector reform-IMF


WASHINGTON, Oct 26 (Reuters) - Spain has made progress in reforming its financial sector, but needs to keep up the momentum as more steps need to be taken, the International Monetary Fund said in a statement on Friday.

The IMF, along with the European Central Bank and European Commission, concluded a visit to the country on Friday to review its progress in reforming the financial sector.

Spain got a loan from the ``troika'' of lenders of up to 100 billion euros ($130 billion) to recapitalize its banks after the collapse of its property market.

Spain is also considering tapping euro zone rescue funds to help prop up the nation's troubled finances.

``Important progress has been made in reforming the financial sector,'' the IMF said after visiting the country. ``It will be important to maintain the momentum as challenging steps lie ahead.''

The IMF also said Spain's financial market conditions have improved since the ECB agreed to an unlimited bond-buying program for nation's that ask for a bailout, but conditions remain fragile.