BUSINESS

Troika concludes review in Cyprus

A team of officials from the European Commission, the European Central Bank and the International Monetary Fund concluded a visit to Nicosia, Cyprus, on Friday, for the fifth review of the island-state’s bailout program.

In a joint statement by the EC, ECB and the IMF released on Friday, troika officials noted that a “staff-level agreement was reached on policies that could serve as a basis for completion of the fifth review.”

Cypriot authorities continue to meet fiscal targets with a significant margin in the first half of the year, the result of “prudent budget execution,” the statement read.

The troika also noted that Cyprus lenders were advancing with restructuring plans and the raising of capital, while the country's structural reforms were also proceeding.

The conclusion of the review is subject to approval by the EU and the IMF in September. Cyprus is poised to receive 350 million euros from the European Stability Mechanism and about 86 million euros from the IMF as part of the bailout.

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