Officials from the European Central Bank, International Monetary Fund and European Commission have been in Nicosia as part of their on going review of the Cyprus bailout programme.

The same sources said that a staff level agreement was reached on Friday, adding that there is a very tangible commitment by the government to the objectives of the programme.

The adoption of the bill on the issuance of title deeds of exposed borrowers, the approval by the Cabinet of the bills on the civil service reform and the establishment of a new company under the privatization process of state-owned telecommunication authority CyTA is required before the next tranche of bailout cash - amounting to €500 million - is released to Nicosia.

Cyprus obtained a €10 billion bailout from the troika in 2013.

Source: Famagusta Gazette