23/09/2015 11:07
The Executive Board of the International Monetary Fund convenes today 23 September, to approve the seventh review of the Cypriot economic adjustment program which was completed at the end of July and disburse approximately €125 mn for Cyprus.
On September 12, the Eurogroup gave its approval for the disbursement of a €500 mn tranche to Cyprus within the first two weeks of October. The formal approval for the disbursement of the tranche will be given by the governing bodies of the European Stability Mechanism (ESM), in October.
In the statement on Cyprus issued by Eurogroup it is stated that "the fiscal developments continue to exceed expectations, the financial situation of the banks is showing signs of gradual improvement and some progress has been noted on important growth-enhancing reforms".
The Eurogroup is encouraged that the economic recovery in Cyprus is gaining strength, the labour market is showing signs of stabilization, although unemployment remains at a high level, and that the economy showed overall resilience in the past months.
So far, a total amount of € 6,49 billion has been disbursed from the €10 bn Cypriot financial support program.
It is noted that troika's mission will be in Cyprus during the first fortnight of November for the penultimate evaluation of the implementation of the Cypriot program, which will focus on non-performing loans and on the continuing enhancement of the supervisory framework for loan restructuring.
On September 12, the Eurogroup gave its approval for the disbursement of a €500 mn tranche to Cyprus within the first two weeks of October. The formal approval for the disbursement of the tranche will be given by the governing bodies of the European Stability Mechanism (ESM), in October.
In the statement on Cyprus issued by Eurogroup it is stated that "the fiscal developments continue to exceed expectations, the financial situation of the banks is showing signs of gradual improvement and some progress has been noted on important growth-enhancing reforms".
The Eurogroup is encouraged that the economic recovery in Cyprus is gaining strength, the labour market is showing signs of stabilization, although unemployment remains at a high level, and that the economy showed overall resilience in the past months.
So far, a total amount of € 6,49 billion has been disbursed from the €10 bn Cypriot financial support program.
It is noted that troika's mission will be in Cyprus during the first fortnight of November for the penultimate evaluation of the implementation of the Cypriot program, which will focus on non-performing loans and on the continuing enhancement of the supervisory framework for loan restructuring.