(VOVworld) - The International Monetary Fund approved the disbursement of 4.6 billion USD in aid to Greece on Friday, after a yearlong delay to ensure that Athens met targets set by bailout lenders - the IMF, ECB, and the EU.

IMF Deputy General Director Naoyuki Shinohara said the disbursement is based on the Greek government’s significant progress in carrying out extensive reforms, reducing social welfare and employment in the public administration, and painful austerity budgeting by the government.
The economy remained in recession in the first quarter of 2014, contracting at a 1.1 per cent annual pace, but is expected to achieve overall growth of 0.6 per cent this year.