The International Monetary Fund has approved additional bailout funds of five-point-17 billion euros for Portugal.

The IMF and the European Union decided last May to provide a 78-billion-euro rescue loan to Portugal over three years. The IMF and EU have been releasing the funds in steps following regular assessments of Portugal’s reform efforts.

The latest loan brings total IMF funding to Portugal to 18-point-56 billion euros.

The IMF’s deputy managing director, Nemat Shafik, said Portugal’s reform program is working well and producing good results, although it is still in the initial stage.