Brussels, 06/10/2015 (Agence Europe) - The Board Of Governors of the European Stability Mechanism (ESM) on 5 October approved the updated memorandum of understanding with Cyprus, following a positive seventh review mission by the institutions.
This is expected to unlock the approval, on Tuesday morning, of the payment of the next loan tranche of €500 million, which will bring the total amount of financial assistance disbursed by the ESM to Cyprus to €6.3 billion.
The ESM undertook in 2013 to provide a total of €9 billion. The Cypriots “have needed less money than foreseen until now and how much will be needed by the end of the programme I cannot tell you”, the Director-General of the ESM, Klaus Regling, told a press conference on Monday evening following the Eurogroup. The authorities of the island have previously suggested that they might not use the full amount provided by the programme, which will end in the course of 2016. (Original version in French by Elodie Lamer)