IMF approves Cyprus bailout review

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IMFLogo REUTERS The International Monetary Fund (IMF) logo.

Washington - The International Monetary Fund's board on Monday confirmed Cyprus was on track with the conditions of its bailout program, enabling the immediate disbursement of 84 million euros ($114 million).

The bailout, which totals nine billion euros from the IMF and the European Union over three years, is meant to stabilise Cyprus's financial system and help its economy recover.

The IMF board also said it modified one of the fiscal performance criteria that Cyprus was supposed to meet by the end of June, without specifying further. - Reuters

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