IMF technocrats to visit Cyprus during the second half of July

IMF technocrats to visit Cyprus during the second half of July

A delegation of IMF technocrats will visit Cyprus during the second half of July for the next evaluation of the Cypriot Economic Adjustment Programme, IMF Resident Representative in Cyprus Vincenzo Guzzo has told CNA.

He also said that discussions will likely focus on the implementation of the recently adopted foreclosure/insolvency framework and the progress on structural reforms to ensure fiscal sustainability and support growth.

Guzzo said that the IMF Board will convene to approve the disbursement of the next tranches on Friday, June 19. “A successful completion of the reviews would make available about €280 million,” he added.

Asked if the dates for the next visit of the IMF technocrats to Cyprus have been set, Guzzo said that the dates of the mission are being finalized, adding that this will likely take place in the second half of July.

Meanwhile, CNA has learned that the Finance Ministry and the Troika have agreed on the framework for the loan securitization, an agreement which constitutes a prior action for the disbursement of the next tranche.

The framework is expected to be tabled before the Council of Ministers for approval in June.

The meeting of the ESM for the approval of the disbursement of the tranche pending since the latest evaluation of the programme, in April, will take place on June 18 and the disbursement is expected to be made at the end of June or at the beginning of July.