World Economy

Cyprus Loan Approved

Cyprus Loan ApprovedCyprus Loan Approved

The Executive Board of the International Monetary Fund completed the combined fifth, sixth and seventh reviews of Cyprus’s economic adjustment program supported by the Extended Fund Facility, India Infoline News Service reported. The completion of these reviews enables the disbursement of SDR 222.75 million (about 316.1 million), which would bring total disbursements under the program to SDR 594 million. The executive board also approved a revised schedule of future disbursements and reviews, given the delay in concluding the current ones. Conclusion of the eighth review is now expected to take place during September 2015, with two more reviews following on a quarterly basis.