IMF Approves $36 Billion Funding for Greece Yves Herman / Reuters IMF Managing Director Christine Lagarde, Eurogroup Chairman and Luxembourg's Prime Minister Jean-Claude Juncker and European Monetary Affairs Commissioner Olli Rehn (L-R) hold a joint news conference after a Eurogroup meeting in Brussels February 21, 2012. (ATHENS, Greece) - The International Monetary Fund says it has approved $36.56 billion in funding for crisis-hit Greece over the next four years. An IMF statement says the executive board's decision Thursday allows for immediate release of $2.15 billion of these funds as part of the country's second bailout. MORE: Greece Swaps Bonds Worth $232.5 Billion Greece will receive a total $225.7 billion in rescue loans from its eurozone partners and the IMF to keep it afloat in the next few years, as dizzily high borrowing rates have blocked its ability to raise money on the international bond markets. The country has survived since May 2010 on a first rescue loan package worth a total $143.63 billion. In return for both bailouts, Athens has imposed stringent cost-cutting measures, slashing pensions and salaries while repeatedly increasing taxes.