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The European Stability Mechanism (ESM) has approved the disbursement of EUR 600 mln to Cyprus, folowing the positive assessment of the fourth quarterly review of macroeconomic adjustment programme and approval of the supplemental Memorandum of Understanding (MoU) by the ESM board.
“Cyprus continues to make good progress in many fields, most notably in achieving fiscal targets and steadily moving out of recession,” said ESM Managing Director Klaus Regling. “The successful completion of the review shows that the Cypriot authorities are strongly committed to the programme. Further efforts are necessary to successfully deal with remaining challenges, such as the removal of capital controls, reducing non-performing loans, generating sustained economic growth and reducing the level of unemployment.” The current disbursement will bring the total amount of ESM financial assistance for Cyprus to EUR 5.35 bln. The remaining portion of the approximately 9 bln committed to Cyprus by the ESM is scheduled to be paid in quarterly disbursements until 2016.