Baku-APA. The Eurogroup said on Thursday it endorsed in principle the European Stability Mechanism (ESM) to disburse 600 million euros (816 U.S. dollars) of financial assistance to Cyprus in the July, APA reports quoting Xinhua.
The Eurogroup said in a statement issued following a Eurogroup meeting in Luxemburg that it welcomes the Troika's conclusion that Cyprus' adjustment program remains on track and called on the authorities to further implement structural reform.
The disbursement will be "subject to national procedures and formal approval by ESM governing bodies" and is scheduled in the first half of July.
The statement also said the International Monetary Fund Executive Board is expected to consider the disbursement of 86 million euros around the same time. (1 euro = 1.36 U.S. dollars)
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