The Eurogroup ministers, holding their last meeting yesterday before the summer break which was also attended by IMF chief Christine Lagarde, agreed to pay out 6.8 billion euros in fresh aid to Athens.
However, the funds would not be handed over in one lump sum, but in different instalments subject to certain conditions being met.
"The Eurogroup commends the authorities for their continued commitment to implement the required reforms that have already led to a significant improvement of cost competitiveness, an impressive strengthening of the fiscal position and a more resilient banking sector," the group said in a statement read out by its chief, Dutch Finance Minister Jeroen Dijsselbloem, at a news conference.
"At the same time, significant further work is needed over the next weeks to fully implement all prior actions required for the next disbursement," Dijsselbloem added.
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In particular, the required reforms of the public administration -- Athens has pledged to axe 4,000 state jobs by the end of the year, as well as redeploy 25,000 civil servants across its vast bureaucracy -- needed to be carried out.
And further efforts were needed to improve tax revenue collection.
"It is time to step up momentum of reform in Greece," said EU economic and monetary affairs commissioner Olli Rehn.
And the International Monetary Fund would stump up 1.8 billion euros.
IMF chief Lagarde said the board of her institution would review the report of Greece's "Troika" of creditors -- the IMF, the European Central Bank and the EU -- at the end of July.
And it would "review the various prior actions agreed with Greek authorities.