Luxembourg, 20/06/2014 (Agence Europe) - On Thursday 19 June, the Eurogroup gave the nod to the disbursement of €600 million in aid from the European stability mechanism for Cyprus in early July.
The payment of €86 million of aid from the International Monetary Fund is expected to arrive at much the same time. The head of the Eurogroup, Jeroen Dijsselbloem, welcomed that “the programme continues to be on track. Much sooner than expected by many. We call on the authorities to lend further momentum to the implementation of the fiscal-structural and structural reform agenda, in order to improve economic growth prospects, while rendering the protection of vulnerable groups more equitable. Eurogroup considers that Cyprus's positive track record in the execution of the macro-financial programme has played an important role in enhancing confidence and permitting the successful return to the financial markets as well as the abolition of capital controls on transactions within the Republic. The pace at which the remaining restrictions on external transactions are relaxed in accordance with the government's roadmap will continue to depend on solid programme performance”. (EL)