Vote delay holds up IMF funds to Cyprus
Print Edition
THE International Monetary Fund held back 86 million euros (US$106 million) in bailout funds for Cyprus yesterday after the island’s parliament delayed a vote on foreclosure legislation demanded by lenders.
The money is part of a 10-billion euro package of emergency loans that eurozone member Cyprus was forced to negotiate to avoid bankruptcy early last year.
The troika of lenders — the European Central Bank, European Commission and IMF — have already disbursed several tranches of the package as the island has kept to the harsh austerity plan it had agreed to.
But conservative President Nicos Anastasiades, who has led a minority government since center-right coalition partner DIKO quit in February, failed to get the foreclosures legislation put to a vote on Thursday.
Lawmakers delayed debate on the controversial bill until January 30 in a move that prompted the IMF to withhold the 86 million euros.
“Critical requirements for the completion of the fifth programme review are now no longer met,” the IMF said.
“We support the Cypriot authorities in their efforts to progress on their ambitious and far-reaching reform program. We look forward to continued cooperation, and will agree with the authorities on next steps in the period ahead.”
Finance Minister Harris Georgiades expressed dismay the bailout disbursement had been disrupted after nearly two years of painful economic adjustment. The “unnecessary and unjustified” delay in approving the legislation had “seriously undermined Cyprus’s credibility,” he said.
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