IMF approves €3.2bn assistance to Greece

The International Monetary Fund (IMF) on Friday approved another portion of funds for the bailout package to save debt-stricken Greece from default.

The funds, worth €3.2 billion ($4.6bn), will be part of the IMF’s €110-billion joint aid with the EU, provided to Greece on condition it implements austerity reforms.

“The [aid] program is delivering important results: the fiscal deficit is being reduced, the economy is rebalancing, and competitiveness is gradually improving,” IMF chief Christine Lagarde, who took office on July 5, said in a statement.

“However, with many important structural reforms still to be implemented, significant policy challenges remain,” she said.

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