17 Jan 2013

Greek loan instalment approved by IMF

11:14 am on 17 January 2013

The International Monetary Fund has approved the next instalment of its bailout for Greece, worth 3.2 billion euros.

The BBC reports the IMF executive board approved release of the funds after completing two reviews of Greece's economic performance under an IMF loan programme supported by the European Union.

In a statement on Wednesday, the IMF said the board also waived some performance criteria and modified others.

The payment is part of a four-year ($A35.57 billion) IMF loan worth 28 billion euros granted to Greece on 15 March last year.

The IMF earlier released an 1.6 billion euros, but froze subsequent payments due to a failure by Athens to meet the programme's criteria.