Eurogroup approves fifth bailout tranche for Cyprus

The Eurogroup gives the green light to release €600m to Cyprus, the fifth tranche of the island’s bailout package, as it meets the requirements of its economic reform programme.

The €600m from the European Stability Mechanism is to be disbursed in July this year.

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.

Source: Cyprus Mail