IMF Approves $36 Billion Rescue Loan for Greece

The International Monetary Fund (IMF) has approved a 28 billion euro (over $36 billion) rescue loan for Greece on Thursday, March 15, 2012.

The IMF executive board approved a four-year loan arrangement under the Extended Fund Facility for Greece in the amount of special drawing right (SDR) 23.8 billion, or 28 billion euros, in support of Greek authorities' economic adjustment program, the IMF said in a statement.

The approval allows for an immediate disbursement of SDR 1.4 billion (about 1.65 billion euros) to the cash-strapped country, said the Washington-based global lender.