Finance Minister Harris Georgiades has said that the European Stability Mechanism has approved the disbursement of €350 million to Cyprus.

“ESM positive on next loan disbursement of €350m” Georgiades who is in Brussels, wrote in his twitter account.

“Cyprus programme on track”, he added.

The Cypriot economy is in recession since mid-2011 amid an unprecedented financial crisis, that escalated further with the bailout of the financial sector which reached the brink of collapse in March 2013.

The €10 billion bailout featured a haircut of banking deposits above €100,000 as well as capital restrictions that hampered economic activity.