By Staff Reporter
THE Eurogroup yesterday gave the nod to the release of €600m to Cyprus, the fifth tranche of the island’s bailout package.
The €600m from the European Stability Mechanism is to be disbursed in July.
Another €100m is expected to be paid out by the International Monetary Fund (IMF), which follows its own procedures.
Cyprus received a €10bn bailout from international lenders – European Commission, European Central Bank and IMF- in March 2013 and is currently implementing a three-year adjustment programme.
Approval of the €600m was seen as routine, following the lenders’ latest review of the adjustment programme, which they found to be on track.
Finance minister Harris Georgiades welcomed the development, calling it another positive sign following Cyprus’ return to international capital markets.