The decision of the group – made up of the 19 eurozone finance ministers - now has to be passed by the parliaments of the member states in the euro monetary union before the tranche is paid.

“The Eurogroup commended Greece today for completing the third review of the ESM programme.

“Work on the fourth and last review is already under way with the institutions,” Centeno told a press conference after meeting fellow euro zone finance ministers.

The European Stability Mechanism (ESM) aims to provide financial assistance to euro area coountries experiencing or threatened by severe financing problems. 

Centeno, the finance minister of Portugal, said he was confident that Greece would implement all remaining deliverables to conclude the programme successfully.

He added: “That is a condition for any additional debt relief.”

The country is due to exit its €86bn bailout programme in August, which is the third since 2010. International leaders are now debating how to ensure the country makes its exit on a sustainable footing.

To successfully exit the programme, a fourth review of reform actions must be completed. This would allow the country to access other loans.

The reforms include new privatisations and reform of the gas and electricity markets.

Greece’s economy expanded by 1.6% last year after a long recession and the European Commission forecast growth of 2.5% this year and next.