Greece will receive a bridging loan of 7.16 billion euros, approximately 7.7 billion dollars “on time” by Monday when it faces a large debt repayment to the European Central Bank (ECB).

European Commission Vice President Valdis Dombrovskis said on Friday that the funds would be disbursed in `up to two instalments.

According to him, this would allow Athens to also clear its arrears with the International Monetary Fund.

Dombrovskis said it would probably take a `few weeks’ to finalise a third bailout programme for Greece, adding that it would preferably be done before another ECB debt repayment becomes due on August 20.

He said that Greece’s debt sustainability will certainly be part of the bailout negotiations.