ECONOMY

IMF approves release of 3.24 bln euro loan tranche for Greece

The International Monetary Fund executive board completed on Wednesday the necessary reviews that form part of its loan agreement with Greece and approved the disbursement of 3.24 billion euros for Athens.

Eurozone countries and the European Central Bank, Greece’s creditors along with the IMF, approved a 34.4 billion euro loan tranche in December after Greece approved a new batch of austerity measures and tax hikes and also finalized a debt buyback from private creditors which reduced Greece’s debt by 20.6 billion euros.