IMF approves $36 bn funding for Greece

The International Monetary Fund (IMF) will allocate 28 billion euro (over $36 billion) to support Greece's economic programme over the next four years, the IMF has said.

The Washington-based fund said that it would allocate the first 1.65 billion euro tranche immediately after the agreement is signed.

Last week, Greece's private investors agreed to swap their government bonds for new securities that are worth 83.5 per cent of the country's sovereign debt in a deal that will help the country stay afloat and avoid default on its massive debt, Greek finance ministry said.

The deal has cleared the way for the 130 billion euro rescue package from the European Union and the IMF.