IMF approves more aid for Greece

The International Monetary Fund approved another tranche to Greece, saying nation's bailout programme is moving in the right direction. After several months of uncertainty and more austerity measures implemented by Greece, the country will receive 3.24 billion euros ($4.31 billion) disbursement under its 240-billion-euro international bailout. Last month Greece avoided financial collapse after European leaders and the IMF agreed to dole out more financial support as long as the country will implement promises of an IMF-EU financing package. Greece now remains in a recession for a sixth year, however, due to all government's efforts, the country had made progress with economic reforms.

"Ambitious reductions in barriers to competition are crucial," she added. "It will also be important for the government to deliver its privatization plans and to take appropriate steps to strengthen the governance of the process, if necessary."