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Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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