The international Monetary Fund (IMF) released a statement saying that Greece has shown Great progress in slashing its huge budget deficit and overhauling loans, in accordance with EU regulations.

Greece managed to reduce its budget deficit, accordingly, being allegeable to receive €9.0 billion ($11.8 billion) installment of emergency loans. Paul Thomson, who serves as the head of IMF stated that I'm confident we are definitely going forward with the next payment of a three-year, 110 billion-euro rescue package for Greece.

With the statement that accompanies ECB rate decision, the bank stated that the performance criteria have all been met, led by a vigorous implementation of the fiscal program and important reforms are ahead of schedule, adding that Our overall assessment is that the program has made a strong start.

To read ECB's full statement click here.