The announcement said that the Executive Board of the International Monetary Fund (IMF) completed the first review of Cyprus’ performance under the economic programme supported by a three-year, €1 billion, Extended Fund Facility (EFF) arrangement. The completion of this review enables the disbursement of about €84.7 million, which would bring total disbursements under the arrangement to about €169.4 million, it added.

According to the announcement, “the Executive Board also approved the authorities’ request for modification of performancecriteria on September 2013 fiscal targets”. The EFF arrangement, approved on May 15, 2013, is part of a combined financing package with the European Stability Mechanism (ESM) amounting to €10 billion.

The package featured a sizeable reduction of the island’s banking sector, as well as bail-in of uninsured deposits, which hampered the services sector, one of the island’s main source of income.

Source: Cyprus Mail