IMF Approves New Loan for Greece

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　　The board of the Washington-based IMF on Thursday adopted a proposal by its managing director, Christine Lagarde, for the new funding. She said last week that the IMF loan would be a reflection of the agency's "determination to remain engaged" in helping³ the Athens government solve its economic woes⁴ and over time, boost Greece's economic fortunes.

　　The IMF loan comes on top of the recent agreement by Greece's European neighbors to hand it a new $170 billion bailout, the country's second rescue package in two years, and private creditors⁵' elimination⁶ of $142 billion in debt Greece owes them.

　　The international funding organization has said it was disappointed in Greece's economic progress after securing a previous $39 billion IMF loan. The agency sent Greece $26 billion of that loan, but canceled the remainder to make way for the new funding.

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