Lagarde says IMF ready to assist Cyprus in facing its economic challenges

IMF`s Managing Director Christine Lagarde said on Wednesday the Fund stands ready to join the efforts of the EU member states to assist Cyprus in facing its economic challenges, adding that IMF team will be sent to Cyprus in view of the discussions on an economic programme.

In a statement issued today, Lagarde confirmed she received an invitation from the Cypriot authorities to participate in the external financial assistance to contain the risks to the Cypriot economy, recalling that this invitation followed Cyprus` request for financial support from the euro-area Member States through the EFSF/ESM.

"We stand ready to join the efforts of our European partners to help Cyprus return to stable and sustainable economic growth and restore a solid financial sector," she said, adding "we expect to send an IMF team to Cyprus to evaluate the situation in the field as soon as possible in preparation for discussions on an economic program that will help Cyprus meet the economic challenges it is facing."