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Troika's Technical Mission to Cyprus for Sixth Review on January 27

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A Troika technical delegation is expected to return to Cyprus on January 27 in order to conduct the sixth review of the financial assistance program. According to information emerging from the International Monetary Fund (IMF) and have been confirmed by the Cyprus News Agency, the mission will focus on the insolvency framework, which is characterized as a “critical priority” for the current stage of the program.

“The technical mission is scheduled to begin its work in Cyprus on January 27,” the source said to the Cyprus News Agency, clarifying that the full review by the Troika heads “will begin once the suspension of the foreclosures law is expired. This is the plan at the moment.”

The island’s Parliament has suspended its final plenary session of the previous year until January 30, requesting the government to submit all five bills of an insolvency framework, which was scheduled to be put into force on January 1, to set up a safety net that aims to the protection of the most vulnerable social groups from foreclosure of mortgaged property. The IMF source revealed that the insolvency framework will be the main subject of the technical delegation, as it is “a critical priority of the program, given the high level of non-performing loans.”

Until today, only three of the package’s bills have been tabled in Parliament, while the fourth is expected to be approved during the next meeting. The last, fifth one, although still under examination by the Troika, “important and relevant work is in progress on that.”

The IMF official highlighted that the 86-million-euro installment froze after the Parliament’s decision to suspend the foreclosure law and will be given when Cyprus fulfills its obligations. “As a result of the suspension of the foreclosures law, some essential requirements for the completion of the review are missing. At this stage, we will first have to see the commitments being met and then we will reassess at the staff level,” the unnamed source concluded.

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