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Eurogroup approves Cyprus's economic review, opens way for more financial assistance

Xinhua, June 19, 2015 Adjust font size:

The Eurogroup has approved the latest review of Cyprus's progress in applying its economic adjustment program, Finance Minister Harris Georgiades said in a statement on Thursday.

Georgiades said in his twitter account immediately after the Eurogroup meeting in Luxembourg that it was confirmed that Cyprus's program is on the right track.

"The Cypriot economy is on the road to recovery and development," he said.

"Fiscal performances are sound, corrective reforms are moving forward and the economy is coming out of recession," Georgiades noted.

Cyprus's review by technocrats representing the European Commission, the European Central Bank and the International Monetary Fund, collectively known as the troika, was delayed for almost nine months as opposition parties in parliament resisted legislation on repossessions and insolvency.

An economic growth is expected this year after 14 consecutive quarters of recession, though projections were revised downward to 0.2 percent from 0.4 percent on account of an adverse international economic climate.

The European Stability Mechanism is expected to release a 185-million-euro tranche in financial assistance early in July.

The IMF is also expected to approve Cyprus's review this month and release 86 million euros, part of its 1-billion-euro participation in the eastern Mediterranean island's 10-billion-euro bailout in March 2013.

The bailout program is expected to come to an end next year. Endit