Government Spokesman Stephanos Stephanou has said that the government is waiting for Russia’s response to a bilateral loan request from Cyprus as soon as possible in order to determine its next steps.

Stephanou also underscored that the state can meet its financing needs and that there will be no suspension of payments.

Cyprus is seeking a second loan from Russia in less than a year to help mitigate threats to its economy after becoming the fifth of the euro area’s 17 members to request assistance from the EU’s rescue funds, announcing it was applying for a bailout for its banking sector hit by exposure to the crisis in Greece.

Cyprus has asked to borrow 5 billion euros ($6.2 billion) from Russia, according to Russian Finance Minister Anton Siluanov, who said the application is being considered.

In statements made on Friday at the Presidential Palace, Government spokesman said that both issues relating to intergovernmental loan and discussions with Troika (EU Commission, the ECB and the IMF) are running in parallel, adding that there can be no timetable nor do the two procedures collide with each other.

The government of the Republic of Cyprus announced on June 25, 2012 that it formally requested aid from euro zone for financial assistance from the EFSF/ESM, the EU’s bailout funds.

In response, a delegation consisting of technocrats from the European Commission, the ECB and the IMF concluded on July 6 a four-day fact-finding mission on the island, collecting data to assess the state of the Cyprus economy.

Troika will return to Cyprus on July 22, instead of July 16 as initially planned, Government Spokesman announced yesterday. According to Stephanou, the decision to postpone the visit lies with the Troika, “which is not yet ready with its own assessment” on the Cypriot economy.

Stephanou stressed that the government treats this matter as urgent, adding that it wants answers as soon as possible before deciding on how to handle things.

Replying to a question, he said that there is no news regarding the bilateral loan from Russia, adding that there are no answers for the possibility of securing a loan from China.

Asked if there is a specific deadline for Russia’s response, Stefanou replied negatively, adding that we want these issues to come to a close soon, either positively or negatively.

Asked whether the bilateral loan will precede the completion of negotiations with Troika, Stephanou said that this remains to be seen.

Asked whether the securing of an interstate loan aims to meet the financial needs of the state and European Support Mechanism aims to cover the recapitalization of banks, Stephanou said that specific answers are needed in order to answer these questions in a concrete manner.

He recalled that Nicosia would like to have some options in order to take the best possible decisions for the economy.

Asked on the amount Cyprus will need to receive from the European Support Mechanism, Stephanou said that Troika is doing its own assessments and evaluations and so does the government.

He said that although the government has a picture of the situation, it reserves the right to discuss these issues with Troika.

Asked how will state’s needs be met up until aid is received from either mechanism or interstate loan, the Spokesman noted that “the current needs are being met and will continue to be met, adding that “we have solutions for these issues. ”

Stephanou made it clear the state can meet its own needs and that there will be no suspension of payments.