The IMF Executive Board convenes on Friday to approve three reviews of the Cypriot bailout and to disburse three programme tranches amounting to €280 million.
The IMF Board will approve the combined 5th, 6th and 7th reviews of the Cyprus program during its June 19 meeting.
The new programme review is scheduled to begin on July 17.
Yesterday, the Euro area Finance Ministers approved in principle the disbursement of the next tranche of the financial assistance to Cyprus amounting to €100 million. Subject to national procedures and formal approval by the ESM governing bodies, the ESM the disbursment is scheduled to take place in mid-July.
Of the programme` s €10 billion, one billion is covered by the IMF, to be allocated in tranches amounting to €96 million and the rest is covered by the ESM.