Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

IMF approves $115 million loan disbursement to Cyprus

[March 29, 2014]  WASHINGTON (Reuters) — The International Monetary Fund said on Friday it had reviewed Cyprus's economy under a bail-out program and approved a loan disbursement for about $115 million.

The international lender said the disbursement brings total lending to date under the IMF's $1.4 billion program with Cyprus to about $459 million.

The IMF facility is part of a broader 10 billion euro ($13.8 billion) three-year bailout program with the European Stability Mechanism for the island.

Cyprus was badly burnt in the euro zone debt crisis, particularly through its banking sector's close links to troubled Greece.

Earlier this month, Cyprus's parliament approved plans for privatizations, averting a showdown with international lenders who insist on state sell-offs.

($1 = 0.727 euros)

(Reporting by Jason Lange; editing by Chizu Nomiyama and Sophie Hares)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.