IMF executive board to discuss the fund's contribution to the Cypriot bailout

The IMF`s executive board will discuss next Wednesday, 15 May, to discuss the Fund`s contribution to a €10 billion bailout for Cyprus, IMF Spokesman Gerry Rice said Thursday.
The IMF contribution to the €10 billion Cypriot bailout is estimated at €1 billion, with the remaining €9 billion provided by the European Stability Mechanism.

"The executive board is expected to meet on May 15 to discuss the request for the programme. Contingent on board approval we would expect the next disbursement to take place shortly after that," Rice said during the IMF`s press briefing.
Responding to a comment that there is the impression that the Troika of the European Commission, the European Central Bank and the IMF are penalizing the Cypriots over the mistakes made by politicians and bankers, Rice said "the IMF and the European partners are working together to help support Cyprus in the same way as they are trying to support other countries in the Eurozone and that is to help the country overcome the very difficult challenge that they face in the most effective way possible."

"So it is about helping Cyprus to overcome this economic challenge that has been there for some time and to help Cyprus get back on the path of sustainability, growth, jobs and ultimately for the benefit of the Cypriot people. So that is the objective and that is the intention," he concluded.