Eurogroup to evaluate Cyprus privatization road map

Eurozone Ministers of Finance convene today in Brussels. The Eurogroup is expected to discuss about Cyprus’ privatization road map, which is a precondition for the next tranche of Cyprus’ assistance program. Cyprus is represented by Minister of Finance Harris Georgiades.

The Republic of Cyprus signed a financial adjustment programme with the Troika last March.

The Euro area Finance Ministers are expected to evaluate Cyprus’ privatization program, which is a precondition for the disbursement of the third tranche amounting to €186 million.

Out of the €186 million, the European Stability Mechanism will grant €100 million and the IMF €86. So far Cyprus received 4.7 billion from the €10 billion financial assistance programme.

The plan aims at securing €1.4 billion to reduce the island`s public debt estimated to peak at 126% in 2015.