BUSINESS

IMF disburses loan tranche to Cyprus

The International Monetary Fund said on Friday it had reviewed Cyprus’s economy under a bailout program and approved a loan disbursement for about $115 million.

The international lender said the disbursement brings total lending to date under the IMF’s $1.4 billion program with Cyprus to about $459 million.

The IMF facility is part of a broader 10-billion-euro three-year bailout program with the European Stability Mechanism for the island.

Cyprus was badly burnt in the eurozone debt crisis, particularly through its banking sector’s close links to troubled Greece.

Earlier this month, Cyprus’s Parliament approved plans for privatizations, averting a showdown with international lenders who insist on state sell-offs.

[Reuters]

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