Cyprus & World News

3 things Cyprus must do to get 5th bailout tranche

15 May, 2014

Cyprus needs to complete three prior actions in order for the Troika of international lenders to release the fifth bailout tranche, the Cyprus News Agency reported.
The three obligations are:
- regulations on the Fiscal Council should be adopted;
- a bill on the composition of the Resolution Authority must be approved; and,
- a report on what actions have been implemented in the past six months in relation to money laundering should be submitted to OECD by the end of May.
The Troika’s prior actions as well as discussions on a draft updated memorandum of agreement, both as regards fiscal matters and reforms as well as the financial sector will be discussed at a meeting on Friday morning with Finance Minister Harris Georgiades, top Troika officials and Central Bank Governor Chrystalla Georghadji.
The updated MoU is expected to be finalised at the meeting, concluding the Troika delegation’s inspection visit.