The International Monetary Fund late Thursday approved a new, $1.8 billion loan program for Greece but will not release any funds immediately, in a highly unusual compromise step.

The IMF last month announced it would revive the seldom-used option of approving a loan "in principle," in order to convince eurozone finance ministers to release a desperately-needed new disbursement to Greece.

The latest 8.5 billion euro payment from the eurozone loan program for the crisis-hit nation was approved last week, just in time for Athens to avert a default on a 7 billion euro debt payment.

Source: AFP