Cyprus terminates the financial help programme

The government of Cyprus has informed the IMF about the termination of the financial aid programme – as the Director of IMF Christine Lagard has stated.

She congratulated “the citizens and government of Cyprus with the achieved improvements within the framework of the economic programme, which led to considerable changes in the economy of the island over the last 3 years”. Lagard also pointed out that the bank system of the island has gained strength, however “the reforms should continue, especially in the sphere of global financial markets”.

The programme of financial aid to Cyprus was approved with great difficulties back in the spring of 2013. The plan was to allocate 10 billion Euros of loans over approximately 3 years.