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Cyprus evaluation, better than expected, Eurogroup official says

14 February, 2014

The results of the third evaluation of Cyprus’ economic adjustment program by the Troika, (EC, ECB, IMF), are beyond our expectations, a Eurogroup official has said.

In statements Friday in Brussels, the official, who did not wish to be named, said that the evaluation of Cyprus’ program will be among the issues to be discussed at Monday’s Eurogroup.

He added that the next tranche for Cyprus will be allocated by the European Stability Mechanism in April and will reach 150 million euro.

On Monday, Troika officials will inform the Eurozone Ministers of Finance about the results of the third evaluation of Cyprus’ economic program, while the evaluation will be approved during Eurogroup`s next meeting on the 10th of March.

“Cyprus’ program is on track and the results of the evaluation were better than expected”, the Eurogroup official said.

He also said that this is a very positive development, since it restores confidence in the system.