The Executive Board of the International Monetary Fund (IMF) completed the third review of Cyprus’s performance under an economic program approving enables the disbursement of about €83.3 million.

This disbursement brings total disbursements under the arrangement to €333.2 million of the IMF arrangement`s total €1billion.

On March 25 Cyprus agreed with the EU and the IMF on €10 billion financial assistance package. The contribution of ESM amounts to €9 billion.

“The program is intended to stabilize the country’s financial system, achieve fiscal sustainability, and support the recovery of economic activity to preserve the welfare of the population,” the IMF says in a press release.