IMF to Contribute EUR 1 B to Cyprus Bailout

World | April 3, 2013, Wednesday // 18:13
Bulgaria: IMF to Contribute EUR 1 B to Cyprus Bailout IMF head Christine Lagarde. Photo by EPA/BGNES

The International Monetary Fund has announced that it will contribute a total of EUR 1 B, or about 10% of a bailout package for Cyprus in exchange for widespread reforms in the island nation.

The IMF’s contribution would be through a three-year loan, representing about 563 percent of Cyprus’ quota, under the Extended Fund Facility (EFF).

“This is a challenging program that will require great efforts from the Cypriot population,” IMF head Christine Lagarde has said in a statement.

“We believe that it provides a durable and fully financed solution to the underlying problems facing Cyprus and provides a sustainable path toward a recovery.”

The statement follows agreement on Tuesday between Cyprus and the so-called troika of international organizations — the European Central Bank, the European Commission and the IMF - that negotiated the EUR 10 B bailout and the terms of the deal.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

World » Be a reporter: Write and send your article
Tags: christine lagarde, IMF, Cyprus, bailout

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria