IMF approves release of €1.7bn aid for Greece

Athens last week adopted final piece of legislation needed to release next set of loans

Greek prime minister Antonis Samaras speaks to German Finance Minister Wolfgang Schaeuble (R)  in Athens earlier this month. The IMF today approved the latest release of bailout funds which have been keeping Athens afloat. Photograph:  John Kolesidis/Reuters.

Greek prime minister Antonis Samaras speaks to German Finance Minister Wolfgang Schaeuble (R) in Athens earlier this month. The IMF today approved the latest release of bailout funds which have been keeping Athens afloat. Photograph: John Kolesidis/Reuters.

Mon, Jul 29, 2013, 21:00

The International Monetary Fund’s board has completed the fourth review of Greece’s bailout program, and approved the release of a further €1.7 billion in funds.

Greece last week adopted the final piece of legislation its international lenders required to release their next batch of rescue loans, after two months of wrangling over unpopular measures to overhaul the economy.

The total funds from the IMF, the European Commission and the European Central Bank comprise €5.8 billion.

Subject to implementation of further reforms, Athens stands to receive another €1 billion from international lenders in October. Greece’s rescue, approved in March 2012, will total €173 billion over four years, the IMF said.

It is meant to help Athens recover from a sovereign debt crisis, rebuild its economy and return to markets.

Reuters