IMF Approves $2.3 Bln Aid for Greece

 The International Monetary Fund approved a further 1.7 billion euro ($2.3 billion) in funds for Greece's bailout programme after completing its fourth review of the country,, Reuters reported.

The IMF also confirmed lenders would modify Greece's September target for how much money it needs to get from privatizing state firms, Reuters reported.

Greece would now need to raise 1.6 billion euro from privatizations, down from 2.6 billion euro, but it will now have to recoup that money in 2014.

"Urgent steps need to be taken to address concerns about the structure and governance of the privatization program and to improve its effectiveness," IMF Managing Director Christine Lagarde said, as quoted by Reuters. "Given the slow progress in public administration reforms, efforts should focus on ensuring exit of unqualified personnel to create room to hire new staff with the relevant skills," Lagarde added.