IMF approves $4.64 billion aid to Greece

The International Monetary Fund has announced that the institution’s board has agreed to grant Greece a $4.64 billion loan on Friday after they institutions signed of the latest review of Greece’s rescue package.athens-main-631

The decision comes after the IMF and Greece’s European lenders held a meeting regarding the review of Greece’s progress after the 173 billion euro, or $236 billion, bailout that was given to the nation in March. The move comes after the six months of protracted negotiations ended. Greece last got an IMF aid disbursement in July 2013, when the IMF gave the nation $2.3 billion.

The IMF has till now lent Greece about $15.8 billion under a four-year program, which was executed as a means to help Athens recover from a sovereign debt crisis, rebuild its economy and return the markets.

The country has been facing a tough time since the past few years after the nation was not able to repay their loans or bring their GDP up despite constant efforts. The standard of living in the nation suffered massive drops as the poverty increased and the nation was faced no bailout options until the IMF came to its aid.