BRUSSELS (AP) — The European Union has approved the payout of 9 billion ($11.6 billion) in loans to Greece under a bailout agreement.

Monetary Affairs Commissioner Olli Rehn said Greece's progress in cutting spending to fight its financial crisis is "impressive".

The money is part of an already agreed bailout by Greece's fellow eurozone governments and the International Monetary Fund.

Now that officials in Brussels have said yes, the loan payout needs final approval from eurozone governments.