IMF approves ? 3.24 billion loan installment for Greece following review
WASHINGTON - The International Monetary Fund has approved a € 3.24 billion ($4.3 billion) loan installment to Greece, following an economic review.
The decision by the IMF's board Wednesday followed the Greek parliament's approval this week of an emergency bill ratifying dozens of conditions set by bailout lenders.
Greece's economy is being kept afloat by international rescue loans from other eurozone members and the IMF. The loans were granted on condition that the country impose spending cuts and other austerity measures. As Greece has imposed the measures, unemployment and poverty rates have shot up.
Last month, European rescue lenders approved new installments worth €49.1 billion ($65.5 billion), with €34.3 billion ($45.76 billion) paid out days later and the rest to be transferred to Greece by March.
