News Column

Three conditions for fifth tranche

May 15, 2014

By Staff Reporter

CYPRUS needs to complete three prior actions before the disbursement of the fifth tranche of bailout cash, the Cyprus News Agency said yesterday.

The so-called Troika of international lenders wants Cyprus to adopt the regulations on the Fiscal Council, approve a bill on the composition of the Resolution Authority, and submit a report to the OECD by the end of May on what actions have been implemented in the past six months in relation to money laundering.

The Troika's demand, as well as the updated bailout memorandum will be discussed on Friday morning between Finance Minister Harris Georgiades, top Troika mission officials and Central Bank Governor Chrystalla Georghadji.

The updated MoU is expected to be finalised at the meeting as the Troika concludes its fourth assessment of the adjustment programme.

Also on Thursday Georghadji met on with the Troika mission chiefs to discuss the provisions of the updated MoU with regard to the financial sector.

Cyprus received a €10bn aid package from the troika of international creditors (International Monetary Fund, European Central Bank and EU Commission) in March last year. The loan was given on condition that the government institute a series of cost-cutting reforms and revenue-raising measures.

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Source: Cyprus Mail

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