IMF is looking forward to continuing the dialogue with the Cyprus authorities as regards Cyprus’ request for an EU bailout, Christine Lagarde has told CNA.

“First of all I would like to say that Cyprus is a wonderful host, and that we are looking forward to continuing the dialogue with the authorities in order to help support the economy”, IMF chief told CNA on Friday, following the press conference of the Eurogroup which convened in Nicosia.

Lagarde met with Cyprus President Demetris Christofias on Thursday night. Speaking to the press after the meeting, she said that she had the opportunity to listen to the concerns of the Cypriot officials.

The government of the Republic of Cyprus informed on the 25th of June 2012 the appropriate European Authorities of its decision to submit to euro area Member States a request of financial assistance from the EFSF/ESM. 

A Troika mission was in Cyprus early July on a fact-finding mission for a close scrutiny of the banking sector, which has been severely hit by Greek sovereign debt haircut and over-exposure to the Greek economy, as well as the refinancing requirements of the Government.

It returned to Cyprus in late July for another week, to negotiate with the Government the bailout terms and conditions. Consultations between the Government and the Troika continue with a view to conclude to a memorandum the soonest possible.