Green light for the next tranche to Cyprus

The Board of Directors of the European Stability Mechanism (ESM) is expected to approve the disbursement of the next tranche of 150 million euro to Cyprus, as the EU country is considered to have fulfilled all prerequisites that had been agreed in its 10 million euro bailout program, which started a year ago.

“By adopting a privatizations bill last Tuesday, Cyprus has fulfilled the prerequisites in order to receive the next tranche of its bailout”, a senior European official has said on Thursday.

According to the official, Eurogroup ministers had already been briefed on the third Troika (EC, ECB, IMF) review of Cyprus’ adjustment program implementation during their last meeting on February 17.

The only outstanding issue was the adoption by the Cyprus Parliament of a privatisations bill. This prerequisite has been fulfilled and as far as Eurogroup is concerned there are no more outstanding issues, he said, adding that this paves the way for the disbursement of the next tranche of the bailout in the beginning of April.

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(Photo: G Schouten de Jel)