IMF Completes First Review Under Extended Fund Facility Arrangement for Cyprus and Approves €84.7 Million
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Cyprus’s performance under an economic program supported by a three-year, SDR 891 million (about €1 billion, or US$1.3 billion) Extended Fund Facility (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.
The EFF arrangement, approved on May 15, 2013 (see Press Release No. 13/175), is part of a combined financing package with the European Stability Mechanism (ESM) amounting to €10 billion. It is intended to stabilize the country’s financial system, achieve fiscal sustainability, and support the recovery of economic activity to preserve the welfare of the population.