Eurogroup statement on Cyprus

EU News 399/2013

13 September 2013

The Eurogroup welcomes the conclusion of the Troika's first review mission that the adjustment programme for Cyprus is on track. The Cypriot authorities have taken decisive steps to stabilise the financial sector, meet the fiscal targets and taken structural reforms forward. Because the short-run economic outlook remains difficult and subject to considerable uncertainty, continued full and timely policy implementation remains essential for the success of the programme.

(...)

The Eurogroup endorses the disbursement of the next tranche of financial assistance to Cyprus following the fulfilment of the prior actions and the completion of the relevant national procedures. The disbursement of EUR 1.5 billion is foreseen to take place by end-
September, after the formal approval by the ESM Governing bodies. The IMF Board is scheduled to decide on the disbursement of EUR 86 million on 16 September.

Source and additional information:
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/138731.pdf

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