The troika of international lenders seems to show an understanding of Cypriot government’s request for a short extension to the implementation of the legal and institutional framework for privatization of the semi-governmental organizations.
A reliable source told CNA that the issue was discussed during a meeting held here today between the Minister of Finance Charis Georgiades and the heads of the troika in the presence of Deputy Minister to the President of the Republic Constantinos Petrides.
Under the revised Memorandum, the institutional and legal framework to govern the privatization process should have been implemented by the end of January of last year.
However, Georgiades stated that the implementation of the framework would be carried out within February.
“They seem to understand this,” the same source told CNA, adding that the meeting which lasted more than two hours was held in a good atmosphere and all the important issues were covered.
The heads of a Troika delegation had asked to be briefed on the preparation of the legal framework for a Financial Ombudsman.
The release of the six-month time deposits of the Bank of Cyprus was also discussed during the meeting.
The heads of the Troika had also requested information on the status of implementation as regards the guaranteed minimum income as well as the issue concerning the restructuring plan for public hospitals
Technocrats of the Troika comprising the European Union, the European Central Bank and the International Monetary Fund continue contacts in Cyprus as part of the third review mission of the island’s adjustment program.
Cypriot authorities and the Troika agreed last March on a €10 billion bailout. The program featured a conversion of uninsured deposits to capital in a bid to recapitalize the island’s largest lender, Bank of Cyprus.