The International Monetary Fund (IMF) on Monday released a new tranche of loan to Greece in the amount of about 2.3 billion U.S. dollars after completing a latest round of economic review of the eurozone nation.

The IMF's Executive Board on Monday completed the fourth review of Greece's performance under an economic program supported by an Extended Fund Facility (EFF) arrangement. The completion of this review enables the disbursement of a loan in the amount of 1.51 billion special drawing rights (SDRs), or 2.29 billion dollars, the IMF said in a statement.

This brings the total disbursements under the loan program from the Washington-based global lender to 10.94 billion dollars, said the IMF.

"The Greek authorities have continued to make commendable progress in reducing fiscal and external imbalances. However, progress on institutional and structural reforms, in the public sector and beyond, has still not been commensurate with the problems facing Greece. Greater reform efforts remain key to an economic recovery and lasting growth," said IMF Managing Director Christine Lagarde.

"Broader structural reforms must be accelerated to boost productivity and growth. And urgent steps need to be taken to address concerns about the structure and governance of the privatization program and to improve its effectiveness," noted Lagarde.

The IMF's EFF arrangement, which was approved in March 2012, is part of a joint global bailout package together with other eurozone member states amounting to about 173 billion euros (about 230 billion dollars) over four years, to help Greece tide over its economic difficulties.