126 million euro disbursement for bailed-out Cyprus.

The International Monetary Fund reported that Cyprus reform program continues to be "a success" and has approved the disbursement of another 126 million euro for bailed-out Cyprus.

According to the IMF, the total disbursements so far amount to around 882 million euro from a contribution of around 1 billion euro. Another 9 billion euro is being provided by the European Union's bailout fund.

Mitsuhiro Furusawa, the IMF deputy managing director, said Cyprus' economy performed better than expected in the first half of the year. He advised to put more efforts to deal with a problem of bad loans and incautious spending due to the high public debt; and to speed up the process of privatizations.

Source: St. Louis Post Dispatch

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