The third disbursement comes to €83.5 million. It was the second review of Cyprus’ performance in the economic programme which is being supported by a three-year Extended Fund Facility (EFF) amounting to 891 million units of Special Drawing Rights (approximately €1 billion or $1.3 billion US dollars). According to an IMF statement the completion of this review enables the disbursement of 74.2 million units of Special Drawing Rights (approximately €83.5 million or $114 million), which brings the total disbursements of the agreement to 222.7 million units of Special Drawing Rights (approximately €250.4 million or $341.9 million). The board also approved an application to modify the performance criteria for the budgetary targets for December 2013.

The IMF said that the fee agreement for EFF adopted on May 15, 2013, was part of a combined financial package with the European Stability Mechanism (ESM), which amounts to €10 billion and is intended to stabilise the financial system of the country, achieving fiscal sustainability and which will support the recovery of economic activities to maintain the prosperity of the population.

Source: Cyprus Mail