NEWS

IMF approves its share of sixth loan tranche

The Executive Board of the International Monetary Fund — one of Greece?s three foreign creditors — on Monday approved its share of an 8-billion-euro rescue loan to Greece following the completion of its review of the government?s economic reforms.

In a statement, the IMF’s executive board said: ?The completion of the review enables the immediate disbursement of an amount equivalent to $1.9 billion (about 2.2 billion euros), bringing total Fund disbursements under the SBA to an amount equivalent to $17.5 billion (about 20.3 billion euros).?

SBA refers to the IMF’s so-called three-year Stand-By Arrangement for Greece.

Last week, eurozone leaders approved the release of their share of a sixth tranche of rescue funding for Greece — a sum of 5.8 billion euros or $7.7 billion.