IMF approves 28 bn euro loan for Greece

The International Monetary Fund (IMF) on Thursday approved a 28 billion euro bailout for Greece, part of a broader international rescue package for the debt-strapped euro zone member.

The IMF said in a brief statement it would immediately disburse 1.65 billion euros to Athens, in a deal to help keep Greece funded until 2014.

The IMF board approval ends months of uncertainty for Greece, which secured the IMF-EU package after agreeing to a series of painful economic adjustments measures and after completing a debt swap that imposed losses of as much as 74 percent on private bondholders.