Euro countries agreed on Friday to release the next batch of bailout loans for Greece, which is struggling to protect its economy from slipping into another economic slump.

An EU official said finance ministers from 17 euro countries agreed on creating a concrete plan to strengthen the banks, adding that the plan should be ready in time for the EU leaders’ summit on Sunday.

Evangelos Venizelos, finance minister for Greece, welcomed the news that the country would receive the next euro 8 billion (around $11 billion) installment, describing the move as a “positive step.”

The decision to give Greece the next installment of bailout fund came a day after Greece approved harsher austerity measures to receive the money.

However, the new loans still need to be approved by the International Monetary Fund (IMF). The loans are expected to be available to Greece sometime in the first half of November.

The new loans will allow Greece to avoid insolvency for a little longer, but experts are of the view that the country should make harsher decisions to slash its massive debt pile.

Germany has to play the leading role in the solving the eurozone debt crisis as it is the biggest economy in the region.