Greece to receive $17.4bn in EU funds

IMF to meet on Friday to discuss the bailout:

Greece: Euro zone finance ministers have agreed to disburse a further $17.41 billion (12 billion euros) to Greece, with the final details of an additional aid package to be worked out in the coming weeks.

The 17 euro zone ministers decided over a conference call on Saturday that the fifth tranche of Greece’s $159.6 billion (110 billion euro) bailout will be paid out by July 15, pending International Monetary Fund (IMF) approval.The IMF is due to meet on July 8 to discuss the bailout.

“The Greek authorities provided a strong commitment to adhere to the agreed fiscal adjustment path and to the growth-enhancing structural reform agenda,” Jean-Claude Juncker, the chairman of the Eurogroup, said in a statement approving the release of the next aid payment.

“Ministers call on all political parties in Greece to support the programme’s main objectives and key policy measures in order to ensure a rigorous and swift implementation.”

Evangelos Venizelos, the Greek finance minister, welcomed the announcement, saying it “strengthened the country’s international credibility”.

“What is crucial now is the timely and effective implementation of the decisions taken in parliament, so we can gradually emerge from the crisis in the interest of national economy and the Greek citizens,” he added.

According to the statement, the “precise modalities and scale” of private sector involvement in the second aid package will be determined in the “coming weeks”, after further consultations.

The second aid package is also expected to amount to $159.6 billion (110 billion euros), but likely will not be finalised until September.

Sunday, Al Jazeera