IMF completes first review under EFF arrangement for Cyprus, approves €84.7 million disbursement

16 September 2013

The Executive Board of the IMF today completed the first review of Cyprus's performance under an economic programme supported by a three-year, SDR 891 million (about €1 billion, or US$1.3 billion) EFF arrangement.

The completion of this review enables the disbursement of SDR 74.2 million (about €84.7 million, or US$113.1 million), which would bring total disbursements under the arrangement to SDR 148.5 million (about €169.4 million, or US$226.2 million). The Executive Board also approved the authorities’ request for modification of performance criteria on September 2013 fiscal targets.

Following the Executive Board discussion, Ms. Christine Lagarde, IMF Managing Director and Chair, said: “The Cypriot authorities have made commendable progress in implementing near-term stabilisation policies. They remain committed to taking further steps to restore financial stability and the sustainability of public finances to support long-run growth."

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