The International Monetary Fund’s board on Monday confirmed Cyprus was on track with the conditions of its bailout program, enabling the immediate disbursement of 84 million euros ($114 million).
The bailout, which totals nine billion euros from the IMF and the European Union over three years, is meant to stabilize Cyprus’s financial system and help its economy recover. The IMF board also said it modified one of the fiscal performance criteria that Cyprus was supposed to meet by the end of June, without specifying further.
via CNBC
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.