Europe's bailout fund on Tuesday approved a €6.7 billion (Dh29.56bn) loan instalment to Greece as part of its third international rescue programme, with payment of the first €5.7bn expected this week.
The European Stability Mechanism said the approval came after the Greek government completed a series of required reforms. The funds will be used to service public debt and clear domestic arrears.
"Today's decision ... acknowledges the hard work by the Greek government and Greek people in completing an extensive set of reforms," said ESM head Klaus Regling. The reforms were in tax policy, privatisations and the resolution of non-performing loans, among others.
The ESM said the initial €5.7bn are to be disbursed Wednesday. The remaining €1bn, to be used for clearing arrears, may be disbursed after May 1 if the country "makes progress in reducing its stock of arrears".
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Read more:
Greek parliament set to probe 10 politicians, as bribery scandal grips country
Athens to pay out €1.4 billion to Greek citizens hurt by austerity
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Greece has depended on billions of euros from international rescue loans since 2010, and its third bailout is due to end this summer. In exchange for the money, successive governments have had to implement often painful economic and structural reforms, including tax increases and severe cuts to pensions and public spending.
Mr Regling said he was "confident that Greece is on track to successfully exit the ESM programme in August 2018, provided that the remaining reforms are implemented by the Greek government".
Greece's financial crisis has wiped out a quarter of the economy and led to persistently high unemployment, which continues to hover above 20 per cent. The frequently unpopular reforms have also led to street protests.
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Violence%20
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
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The biogs
Name: Zinah Madi
Occupation: Co-founder of Dots and links
Nationality: Syrian
Family: Married, Mother of Tala, 18, Sharif, 14, Kareem, 2
Favourite Quote: “There is only one way to succeed in anything, and that is to give it everything.”
Name: Razan Nabulsi
Occupation: Co-founder of Dots and Links
Nationality: Jordanian
Family: Married, Mother of Yahya, 3.5
Favourite Quote: A Chinese proverb that says: “Be not afraid of moving slowly, be afraid only of standing still.”
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Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
