IMF approves EUR 84.7 mln disbursement to Cyprus
2013-09-17 10:48:30
The International Monetary Fund completed its first review of Cyprus's performance under a three-year bailout program. The completion of the review enabled the disbursement of EUR 84.7 million.
The latest disbursement took overall payment to EUR 169.4 million. The lender also approved the modifications for the September 2013 fiscal targets as requested by the authorities.
The IMF facility is part of a combined financing package with the European Stability Mechanism (ESM) amounting to EUR 10 billion.
"Cyprus is on track to meet its 2013 fiscal targets, thanks to the significant consolidation underway and prudent budget execution," said IMF Chief Christine Lagarde.
"They remain committed to taking further steps to restore financial stability and the sustainability of public finances to support long-run growth," she added.