independent

Wednesday 16 April 2014

IMF will contribute €1bn to Cyprus bailout

IMF managing director Christine Lagarde
IMF's Christine Lagarde

THE International Monetary Fund will contribute €1bn over three years to the €10bn euro bailout for Cyprus, IMF Managing Director Christine Lagarde said in a statement on Wednesday.

Lagarde said she expected the IMF board to approve the funds in early May.

"A staff team of the International Monetary Fund has reached staff level agreement with the Cypriot authorities on an economic program that will be supported by the IMF jointly with the European Union and the European Central Bank," Lagarde said.

"A combined financing package of €10bn is designed to help Cyprus cover its financing needs, including to service debt obligations, while it implements the policies needed to restore the health of the economy and regain access to capital market financing," she said.

Reuters

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