The International Monetary Fund says it has approved payment of a 3.4-billion-euro (US$4.6 billion) loan instalment under Greece’s bailout program.

An IMF statement Friday said the decision came after officials completed their latest review of the debt-hobbled country’s spending cuts and economic reforms demanded in exchange for the loans.

Greece has depended on bailouts from its European partners and the IMF since it nearly went bankrupt four years ago.

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