IMF approves US$4.6 billion Greek loan installment

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ATHENS, Greece (AP) — The International Monetary Fund says it has approved payment of a 3.4-billion-euro (US$4.6 billion) loan instalment under Greece's bailout program.

An IMF statement Friday said the decision came after officials completed their latest review of the debt-hobbled country's spending cuts and economic reforms demanded in exchange for the loans.

Greece has depended on bailouts from its European partners and the IMF since it nearly went bankrupt four years ago.

The bulk of the 240-billion-euro bailout is provided by other countries that use the euro currency, who agreed last month to release an 8.3 billion-euro loan installment in three batches by August.

The bailout program is due to finish at the end of 2014, although the IMF will continue issuing some loans until 2016.