North Cyprus News | Online News for North Cyprus

South gets 600 million euro shot in the arm

South gets 600 million euro shot in the arm

July 08
11:09 2014

South Cyprus is to receive an injection of 600 million euros. A move which was approved on Monday by the Board of Directors of the European Stability Mechanism (ESM), ‘Famagusta Gazette’ reports.

This cash boost comes after a positive assessment of the fourth quarterly review of the South’s macroeconomic adjustment programme and approval of the supplemental Memorandum of Understanding (MoU) with Cyprus by the ESM Board of Governors.

“Cyprus continues to make good progress in many fields, most notably in achieving fiscal targets and steadily moving out of recession. 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”, said ESM Managing Director Klaus Regling.

The current disbursement will bring the total amount of ESM financial assistance for the South up to 5.35 billion euro. The remaining portion of the approximately 9 billion euro committed to Cyprus by the ESM is scheduled to be paid in quarterly disbursements until 2016.

 

Local Weather

Kyrenia, Cyprus
6°
16°
Tue
16°
Wed
15°
Thu
15°
Fri
Weather from OpenWeatherMap

Lira Exchange Rates

USD
USD
3.7591
EUR
EUR
4.7052
GBP
GBP
5.3090

Upcoming Events

  1. Exhibition of Turkish Cypriot Artists

    January 25 @ 9:00 am - February 23 @ 5:00 pm
  2. Whirling Dervish

    February 19
  3. North Nicosia Walking Tour

    February 19
  4. Lemar Market

    February 19 @ 10:00 am - 3:00 pm