News Column

Troika to conclude fifth programme review

July 24, 2014

The Cypriot authorities (Central Bank Governor and Finance Minister) will on Thursday meet the heads of the Troika (EC, ECB and the IMF) mission to agree on the updated memorandum of understanding, in the framework of the fifth review of the implementation of Cyprus' adjustment programme. Discussions will begin at the Central Bank of Cyprus over technical issues of the financial sector whereas the updated MOU will be agreed in a meeting between the Finance Minister Harris Georgiades, CBC Governor Chrystalla Georghadji and the Troika heads at the Finance Ministry. The issue of a bill governing foreclosure and forced sales of mortgaged properties is considered as the thorny issue as the differences between the two sides have not been bridged. Sources told the Cyprus News Agency that today's discussions aim at striking a deal between the two sides and the bill will be submitted to the Council of Ministers for approval on Monday. The bill must be endorsed by the Cabinet and approved by the House of Representatives by the end of July. Furthermore the two sides will discuss the issue of the personal and corporate insolvency law. In case agreement is reached, the framework for the reform of the current insolvency regime will also be tabled before the Cabinet for approval next Monday. The Cypriot authorities concluded in March 2013 an agreement with the Troika on a 10 billion bailout. So far Cyprus has received four disbursements from the ESM/IMF totalling 5.77 billion.

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Source: Cyprus Mail

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