The Eurogroup has in principle agreed to disburse €150 million to Cyprus as scheduled in early April, while the International Monetary Fund will also decide to provide an additional €86 million in assistance.
During the height of the financial crisis last March, Cyprus signed a bailout agreement with the European Union to receive a total of €10 billion in assistance in installments, while implementing various reforms as required by the EU. The EU conducts quarterly assessments of Cyprus's progress on the reforms and decides whether to release the next tranche of assistance based on the results of these assessments. At the end of last month, Cyprus successfully passed the EU's fourth economic evaluation, with reforms proceeding normally and economic indicators performing better than expected.
Source: Ministry of Commerce Website
