The International Monetary Fund approved Monday the release of 84.7 million euros ($113.1 million) in bailout funds to Cyprus.
The IMF executive board approved the funds after completing the first review of Cyprus’s performance under a three-year, billion-euro loan program the IMF extended in partnership with the European Union, the IMF said in a statement.
With the new disbursement, Cyprus will have received about 169.4 million euros ($226.2 million) to date under the loan approved on May 15.
The loan, known as an Extended Fund Facility arrangement, is part of a combined 10-billion-euro financing package with the European Stability Mechanism, the EU’s financial emergency fund.
(source: enca)
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