IMF Approves 2.3 Billion Aid for Greece After Audit

The International Monetary Fund on Monday approved a further 1.7 billion euros ($2.3 billion) in funds for Greece’s bailout program after completing the fourth review of the cash-strapped euro zone state.

Greece last week adopted the last piece of legislation its international lenders required to release the next batch of rescue loans, after two months of wrangling over unpopular measures to overhaul the economy. The total funds from the IMF, the European Commission and the European Central Bank comprise 5.8 billion euros.

The IMF also confirmed lenders would modify Greece’s September target for how much money it needs to get from privatizing state firms, after Athens struggled to sell natural gas distributor DEPA in June.

The European Union announced the move earlier on Monday, saying Greece would now need to make only 1.6 billion euros from privatizations, down from 2.6 billion euros. But Athens will now have to recoup that money in 2014 to ensure it stays on course to lower its debt.

via CNBC

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