Saudi- IMF says Cyprus concludes rescue program 10 weeks ear...| MENAFN.COM

Friday, 01 July 2022 11:09 GMT

Saudi- IMF says Cyprus concludes rescue program 10 weeks early

(MENAFN- Saudi Press Agency) NICOSIA Cyprus Jumada I 27 1437 March 07 2016 SPA -- The head of the International Monetary Fund says Cyprus has ended the IMF leg of a three-year rescue program 10 weeks ahead of schedule according to AP.

Christine Lagarde on Monday hailed Cyprus for delivering "an impressive turnaround of the economy" in the past three years. She said the Cypriot economy grew again last year the banking system is on a more solid footing spending is in check and public debt is shrinking.

But the IMF chief said Cyprus needs to stick to reforms in light of continued volatility in international markets.

Cyprus received 1 billion euros from the IMF and another 9 billion euros from its Eurozone partners in March 2013 in a rescue deal that forced a grab of uninsured savings in its two largest banks and shuttered the smaller lender.
23:50 LOCAL TIME 20:50 GMT

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