(VOVworld) - Greece and its international lenders have struck a deal on the latest set of reforms needed for Athens to receive 1 billion euros in further bailout aid.

Greek Finance Minister Euclid Tsakalotos (C) arrives at a European Union finance ministers meeting in Brussels, Belgium, December 8, 2015. Photo: Francois Lenoir/Reuters

The reforms relate to a new privatization fund, a renovation of the power sector, and how to open up the market for non-performing loans. The latest reform bill is expected to be submitted to the Parliament on Saturday. The government aims to secure parliament's approval on Tuesday to get the 1 billion euro tranche by Dec. 18. It will then have to pass other reforms, including a major restructuring of the ailing pension system, to conclude its first bailout review and open talks about debt relief.