Greece is receiving the first 13 billion-euro ($14.5 billion) payment of its new bailout, with 12 billion euros earmarked for repaying debts and the remainder for settling arrears to public sector suppliers.

Athens is using the funds to repay a 3.2 billion euro ($3.5 billion) debt installment due Thursday to the European Central Bank — an amount it could not have afforded to repay without the bailout from 18 other European nations that share the euro currency with Greece. It's Greece's third bailout over five years.

The new three-year bailout is worth 86 billion euros ($95.6 billion), and the disbursement of funds is dependent on the Greek government implementing a series of reforms, including steep tax hikes and spending cuts.

European bailout fund supervisors approved the release Wednesday evening.