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IMF to release more money to Greece

The International Monetary Fund (IMF) says it will release a 2.26 billion US dollars (£1.49 billion) instalment of a rescue loan to Greece.

It made the announcement after it completed a review of the country's performance under the economic programme tied to the bailout agreement.

The payment will bring the total amount of IMF payouts to 8.55 billion US dollars (£5.6 billion) since the March 2012 agreement.

The IMF contribution is part of a much bigger bailout package with European nations that was intended to avert a debt default and exit from the group of nations that use the euro currency.

Greece has been dependent on loans from euro partners and the IMF since it got locked out of international bond markets in 2010.

So far it has received more than 250 billion US dollars (£165 billion), pledging in return to overhaul its economy.

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