Cyprus National Council convenes to discuss economy

The National Council, the top advisory body to the President, convenes on Wednesday to discuss the financial situation in Cyprus.

The Council is expected to discuss, among other issues, a proposal by the main opposition left-wing party AKEL on an orderly exit from the euro area, which Cyprus joined in 2008.

On Monday the Board of Directors of the European Stability Mechanism (ESM) approved the Financial Assistance Facility Agreement and the disbursement of the first tranche of financial assistance to the Republic of Cyprus.

The first tranche is transferred in two separate disbursements: the first – €2 billion – was transferred Monday and the second – up to €1 billion – to be transferred before 30 June this year.

Meanwhile, the Ministerial Committee responsible for monitoring the implementation of the Memorandum agreed between Cyprus and the Troika of European Commission, the European Central Bank and the International Monetary Fund convenes on Wednesday.

The Committee, chaired by Minister of Finance Haris Georgiades, comprises the Ministers of Communications and Works, Energy, Commerce, Industry and Tourism, Labour and Social Insurance and Health.