Greece is likely to get the next portion of its bail-out loans next month despite missing many of its fiscal targets, according to a report by the country’s international lenders.

An assessment by a team from the troika (European Commission, European Central Bank and International Monetary Fund (IMF)), said that Greek authorities have made progress in many of their economic reforms, which were conditional on the €110 billion bail-out agreed in May 2010.

But it warned that Greece was certain to miss its fiscal target for 2011, partly because of continued recession but also because some of the agreed austerity measures have not been implemented.

The report said: “To ensure a further reduction in the deficit in a socially acceptable manner and to set the stage for a recovery to take hold, it is essential that the authorities put more emphasis on structural reforms in the public sector and the economy more broadly.”

The report said that the recession “will be deeper than was anticipated in June and a recovery is now expected only from 2013 onwards”.

Once the Eurogroup of the eurozone’s finance ministers and the IMF’sexecutive board have approved the conclusions of this review, the next tranche of €8bn (€5.8bn from eurozone member states and €2.2bn from the IMF) will be disbursed. Greece warned that it would run out of money if it did not receive the loan by the middle of November.