Brussels, 22/06/2015 (Agence Europe) - On Thursday 18 June, Eurogroup agreed in principle to disburse the next instalment of aid to Cyprus, to the tune of €100 million, in mid-July, once various national parliaments and the European Stability Mechanism have endorsed the decision. The IMF announced on Friday that it is ready to disburse an aid instalment of around €280 million.
Eurogroup welcomes the fact that “after repeated delays, the legal framework establishing a new foreclosure procedure has entered into force,” along with reform of corporate and personal insolvency laws. “To sustain the progress achieved so far, we reiterate the importance of ensuring a full, swift and effective implementation of these frameworks,” explains the joint press release issued by eurozone finance ministers. They stress that “Further action to effectively tackle the very high stock of arrears remains a key priority, with important ground to cover in the coming months, notably facilitating the sale of loans and ensuring that title deeds are transferred without delay to property buyers.”
Eurogroup calls on Cyprus to give renewed momentum to the implementation of the fiscal-structural and structural reform agenda, including privatisation and public administration reform. Eurogroup praises “Cyprus' overall positive track record since the beginning of the macro-financial programme.” (Elodie Lamer)