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IMF Approves $6.79 Billion Loan Tranche For Portugal

The International Monetary Fund (IMF) says that Portugal is making "good progress" in its loan-supported economic program, clearing the way for disbursement of a $6.79 billion loan installment.

The money was made available to Portugal after the IMF executive board completed a review of reforms that are part of a three-year $35 billion loan program established in May 2011.

The IMF, in particular, had called on the Portuguese authorities to remain firmly on track in efforts to reduce the nation's budget deficit.

Based on reporting by AP, Reuters, and AFP