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Approval: IMF releases funds to Cyprus

IMF completed on Friday the combined fifth, sixth and seventh reviews of Cyprus’s program and approved €278.4...

Afp June 21, 2015 Less than a minute read

That would bring the total amount disbursed in the one billion euro, three-year program begun in 2013 to €742.4 million. STOCK IMAGE

Washington. The International Monetary Fund, deadlocked with Greece over further financial aid, approved a new loan installment for Cyprus on Friday, now the only other Eurozone country receiving its bailout support.

As with Greece, the negotiations between Cyprus and the so-called troika – the IMF, European Commission and European Central Bank – had bogged down over the economic reforms demanded by the creditors in exchange for the financing. After several months of little progress, the troika in late May said a review had shown Cyprus was making progress on the reforms, and notably hailed the adoption of a controversial measure on home foreclosures. The IMF executive board completed on Friday the combined fifth, sixth and seventh reviews of Cyprus’s program and approved the disbursement of €278.4 million ($315.8 million).

That would bring the total amount disbursed in the one billion euro, three-year program begun in 2013 to €742.4 million.

Published in The Express Tribune, June 21^st, 2015.

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