IMF approves US$4.3b loan instalment

WASHINGTON (AP): THE INTERNATIONAL Monetary Fund (IMF) has approved a $4.3-billion loan instalment to Greece, following an economic review. The decision by the IMF’s board yesterday fol lowed the Greek parliament’s approval this week of an emergency bill ratifying dozens of condit ons 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 condi t ion 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 instalments worth $65.5 billion, with $45.76 billion paid out days later and the rest to be transferred to Greece by March.