imf releases first bailout funds for cyprus
Last Updated : GMT 22:49:12
Arab Today, arab today
Arab Today, arab today

IMF releases first bailout funds for Cyprus

Arab Today, arab today

Arab Today, arab today IMF releases first bailout funds for Cyprus

Washington - AFP

The International Monetary Fund approved a $1.33 billion (1.0 billion euro) bailout loan for Cyprus on Wednesday and released the first $110.7 million to the Cypriot government. The loan is part of a combined $13 billion (10-billion-euro) emergency financing deal set by the IMF and the European Stability Mechanism that aims to support the government as it seeks to stabilize the ravaged Cypriot banking sector. \"It is intended to stabilize the country\'s financial system, achieve fiscal sustainability, and support the recovery of economic activity to preserve the welfare of the population,\" the IMF said in a brief statement. IMF Managing Director Christine Lagarde said that stabilizing the banking sector was an \"immediate priority.\" \"The authorities need to complete the bank recapitalization process, including by using public funds for solvent institutions where necessary,\" she added, noting that \"decisive steps\" would be taken to restructure weak banks. \"Temporary payment restrictions should be relaxed at a pace consistent with maintaining financial stability, while minimizing distortions to economic activity. It is important to strengthen supervision and regulation of banks and credit cooperatives, and to enhance the framework for anti-money laundering.\" The announcement came two days after the ESM, the European Union\'s new financial stability backstop, handed over the first two billion euros ($2.6 billion) of loans agreed under the controversial Cyprus aid deal. The deal was set in March after the Cypriot government agreed to force depositors and bondholders in Cyprus\'s leading banks to take huge losses in order to keep the country\'s banking system from imploding. The new funds came as official data released earlier showed Cyprus\'s economy contracted by 1.3 percent in the first quarter from the previous quarter, and 4.3 percent year-on-year. It was the seventh successive quarter in which the Mediterranean island\'s economy has been in negative territory. Construction, manufacturing, electricity, transport, trade, tourism and services all declined from January to March. According to the IMF, the European Commission and the European Central Bank -- the troika of international lenders who set the bailout program -- the Cypriot economy is expected to contract 8.7 percent this year and 3.9 percent in 2014.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf releases first bailout funds for cyprus imf releases first bailout funds for cyprus

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf releases first bailout funds for cyprus imf releases first bailout funds for cyprus

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday