The International Monetary Fund's executive board on Friday said it approved a disbursement of about 3.2 billion euros to help Greece pay debts due this month.

The payment is part of a 110 billion euro IMF-European Union bailout package crafted for Greece last year.

"The program is delivering important results: the fiscal deficit is being reduced, the economy is rebalancing, and competitiveness is gradually improving," IMF Managing Director Christine Lagarde said in a statement.

"However, with many important structural reforms still to be implemented, significant policy challenges remain."

Reuters