Cyprus’ adjustment programme remains on track according to TROIKA, a statement welcomed by Eurogroup president, Jeroen Dijsselbloem and the Vice-President of the European Commission (EC), Olli Rehn.
The third review of the Cyprus economic programme concluded on 11th February with teams from the European Central Bank and the IMF debriefing Eurozone ministers.
“We, of course, welcomed the conclusion of the Troika that the programme remains on track” said Dijsselbloem.
“The macroeconomic and fiscal data for 2013 turned out to be better than expected and that is, of course, good news. In addition, it is good to see that the financial sector is stabilising in Cyprus, allowing for the second phase of the gradual relaxation of restrictions to start shortly,” he added.
EC Vice-President, Oli Rehn also noted that the Cypriot economy has proved to be more resilient than originally anticipated, when the programme begun around 10 months ago.
“The programme is on track and I trust the authorities will continue with their steadfast efforts to ensure that it remains so,” he said, adding that “the Commission continues to support Cyprus and the Cypriot people through what remains a very difficult period of economic adjustment.”
Klaus Regling, Managing Director of European Stability Mechanism, said that, by 2016, Cyprus will receive another €4.4 billion. In 2014 the country is projected to receive €2.1 billion, of which €150 million will be disbursed by the ESM shortly.