IMF makes another $137 million available to bail-out Cyprus

Nicosia, Cyprus: The International Monetary Fund says it has made another 126.3 million euros ($136.87 million) available to Cyprus after completing what it said was its second-to-last review of the Eurozone country's rescue deal.

IMF Managing Director Christine Lagarde - Reuters

IMF Managing Director Christine Lagarde - Reuters

The IMF said on Wednesday the amount brings to 1 billion euros ($1.1 billion) its share of disbursements to the 10 billion euro bailout that forced a grab of uninsured deposits in Cyprus' two largest banks and shuttered the smaller lender.

Senior IMF official Mitsuhiro Furusawa said Cyprus has made much progress under the three-year program, but sticking to reforms and keeping spending in check are necessary to reduce the huge number of bad loans and large public debt.

Cyprus' Finance Minister Harris Georgiades said on Monday the country is on track to exit the program on time this March.

AP


Updated Date: Jan 27, 2016 13:54 PM

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