News Local Memorandum update to be finalized on Friday

Memorandum update to be finalized on Friday

The final negotiations on Cyprus’ Memorandum update is to be completed on Friday, in light of the seventh evaluation of Cyprus bailout adjustment programme.
 
On the occasion of the completion of troika’s mission to the island, director of the IMF Communications Department Gerry Rice, has said that “Cyprus is a success story” and that recent return to growth shows the efforts undertaken to implement difficult reforms are beginning to bare fruits.
 
Memorandum’s political negotiations started yesterday afternoon, when Minister of Finance, Harris Georgiades and the Central Bank Governor, Chrystalla Georghadji, had a meeting with troika’s technocrats.
 
The sale of loans to third parties and the issue of Title Deeds are among the prior actions Cyprus had to take before receiving the next tranche of the bailout program, which is estimated to €500m.
 
A kind of extension is expected for the enactment of these bills, as an extraordinary meeting of House Finance and Interior committees has already been set at the end of August.
 
Plenary session is to convene on September 3, in order to discuss the bills proposed by troika.
 
All the steps needed for the disbursement of the next bailout tranche must be taken until September 27, when Eurogroup will have its next meeting. 
 
Cyprus is to exit bailout memorandum in March 2016. 
 
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