The Economic Adjustment Programme for Cyprus was formally agreed in May 2013.
The Programme aims to address the financial, fiscal and structural challenges facing the economy in a decisive manner and should allow Cyprus to return to a sustainable growth path.
Following a request by Cyprus on 25 June 2012, the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) agreed an Economic Adjustment Programme with the Cypriot authorities on 2 April 2013. The Programme was agreed by the euro-area Member States on 24 April 2013 and by the IMF Board on 15 May 2013. It covers the period 2013-2016. The financial package will cover up to EUR 10 billion; the ESM will provide up to EUR 9 billion, and the International Monetary Fund (IMF) is expected to contribute around EUR 1 billion.
The economic adjustment programme will address short- and medium-term financial, fiscal and structural challenges facing Cyprus. The key programme objectives are:
Financial assistance of EUR 10bn has been granted to the Republic of Cyprus, of which EUR 9bn to be provided by the ESM and EUR 1bn by the IMF.
Date of disbursement
Remaining amount of ESM Financial assistance available
Remaining disbursements will be subject to quarterly reviews by the Commission in cooperation with the IMF and in liaison with the European Central Bank (ECB).
By mobilising EU funds and technical expertise, the SGCY supports the Cypriot authorities’ efforts to restore financial, economic and social stability and to implement the Memorandum of Understanding on Specific Economic Policy Conditionality ("the MoU").
More information on the Support Group for Cyprus