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IMF approves next tranche of aid for Cyprus (updated)

€100m is also expected to be paid out by the International Monetary Fund

The Executive Board of the International Monetary Fund on Friday approved the disbursement of the next tranche of financial assistance to Cyprus of around €83.3 million

This disbursement brings total disbursements under the arrangement to €333.2 million of the IMF arrangement`s total €1billion.

The approval was preceded by the positive report of the IMF Mission Chief for Cyprus Delia Velculescu and the positive stances of the members of the Board.

“The programme is intended to stabilise the country’s financial system, achieve fiscal sustainability, and support the recovery of economic activity to preserve the welfare of the population,” the IMF said in a news release.

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