Eurogroup approves another bailout tranche for Cyprus

Finance ministers of the 18-member Eurogroup Monday approved to disburse another instalment of 150 million euro to Cyprus by the beginning of April. "We note with satisfaction the signs of improvement in macro-financial stability as programme implementation has progressed" in Cyprus, said the ministers in a statement after their meeting this evening. It noted that the International Monetary Fund is expected to decide on the disbursement of a further 86 million euro. The EU and IMF in 2013 agreed to bailout Cyprus with 10 billion euro to save the Mediterranean island from bankruptcy. The payments are made in installments after the review of Cyprus economic adjustment programme by the EU and IMF