IMF sees first Cyprus bailout loan this month
2013-05-09 16:56:37
WASHINGTON: The International Monetary Fund on Thursday said it would likely disburse its first bailout loan to Cyprus after next week's board meeting.
The IMF executive board is expected to discuss the bailout program for Cyprus on Wednesday, Fund spokesman Gerry Rice said at a regularly scheduled news conference.
If the board approves the disbursement, it was expected to be made "shortly after the board meeting," he said.
Following prolonged negotiations, the so-called troika of international lenders -- the IMF, the European Commission and the European Central Bank -- agreed in late March to lend 10 billion euros ($13.1 billion) to Cyprus.
In exchange, the nearly bankrupt eurozone country has agreed to a series of emergency measures, including tax hikes and privatizations, and a drastic overhaul of its ailing financial sector. Cyprus is also set to raise 400 million euros from the sale of gold reserves and a roll-over of debt held by Cypriot investors, including a 2.5 billion euro loan extended by Russia in 2011.
Following prolonged negotiations, the so-called troika of international lenders -- the IMF, the European Commission and the European Central Bank -- agreed in late March to lend 10 billion euros ($13.1 billion) to Cyprus.
In exchange, the nearly bankrupt eurozone country has agreed to a series of emergency measures, including tax hikes and privatizations, and a drastic overhaul of its ailing financial sector. Cyprus is also set to raise 400 million euros from the sale of gold reserves and a roll-over of debt held by Cypriot investors, including a 2.5 billion euro loan extended by Russia in 2011.
