Baku-APA. Cyprus announced it "successfully" concluded talks with representatives of international lenders on Friday, following a fourth assessment of its economy since it was bailed out in March 2013, APA reports quoting Xinhua.
"The fourth Troika Review was successfully completed," Cyprus Finance Minister Harris Georgiades wrote in his Twitter account after 8 hours of talks with technocrats representing the European Commission, the European Central Bank and the International Monetary Fund.
Cyprus was pulled back from the brink of bankruptcy after signing a 10-billion euro (13.7 billion U.S. dollars) loan agreement, which forced it to apply a harsh program for the adjustment of its economy and resolve its oversized banking system by closing down a lender and recapitalizing its primary bank with depositors money in the world' first bail-in.
Sources close to the talks said Georgiades and the troika reached agreement on the banking system, as well as fiscal and restructuring issues.
Georgiades said he will announce details of the updated memorandum at a press conference on Saturday.
Sources familiar with the talks said the agreement reached opens the way for a further tranche of 186 million euros to Cyprus.
However, before receiving any money the eastern Mediterranean island has to fulfill three conditions: To adopt regulations for a Fiscal Council, pass a law on a bank Resolution Authority and report by the end of May to the Organization of Economic Cooperation and Development on the implementation of measures to combat money laundering.
The sources said that they expect the money to be released on time since the conditions set by the troika are well on the way of implementation.
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