The International Monetary Fund (IMF) approved on Friday the disbursement of €83.5 million to Cyprus.

The Executive Board of the IMF today completed the second review of Cyprus’  performance under an economic program supported by a three-year, Extended Fund Facility (EFF) arrangement, of about €1 billion, the Fund said in a statement.

The completion of this review enables the disbursement of €83.5 million, which would bring total disbursements under the arrangement to €250.4 million, it said.

The Executive Board also approved the authorities’ request for modification of performance criteria on end-December 2013 fiscal targets, the statement added.

The EFF arrangement, approved on May 15, 2013, is part of a combined financing package with the European Stability Mechanism (ESM) amounting to €10 billion.

The Cypriot economy has been hampered by recession since the third quarter of 2011