NICOSIA: Cyprus' finance minister says that a first assessment by the country's international creditors on whether it is adhering to the terms of its financial rescue is positive.
Haris Georgiades said the assessment completed Tuesday by representatives from the country's euro area partners and the International Monetary Fund have found that the bailout remains on track.
He added that the country's public finances are on target, reforms are underway and that the banking sector is on its way to being stabilized.
Georgiades said that the country remains committed to meeting all bailout targets.
Cyprus agreed in March on a 23 billion euro ($30.5 billion) rescue deal that forced large savers in its two largest banks to take huge losses.
Capital controls were also imposed for all banks to prevent a run.
indiatimes.com
Haris Georgiades said the assessment completed Tuesday by representatives from the country's euro area partners and the International Monetary Fund have found that the bailout remains on track.
He added that the country's public finances are on target, reforms are underway and that the banking sector is on its way to being stabilized.
Georgiades said that the country remains committed to meeting all bailout targets.
Cyprus agreed in March on a 23 billion euro ($30.5 billion) rescue deal that forced large savers in its two largest banks to take huge losses.
Capital controls were also imposed for all banks to prevent a run.
indiatimes.com
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