IMF approves 1.7 billion euro bail out to Greece
The International Monetary Fund (IMF) approved 1.72 billion Euros bail out to Greece after reviewing the country’s performance under the international rescue program.
This payout means Greece has received around 8.24 billion Euros from the IMF under the bailout coordinated with the European Union and the European Central Bank in March 2012.
The IMF Executive Board is about to complete the fourth review of Greece’s performance and has also altered some of the criteria for the troubled nation.
IMF Managing Director Christine Lagarde noticed the commendable progress of Greek authorities in reducing fiscal and external imbalances. Greece still needs to work towards bringing more institutional and structural reforms in the public sector.