March 28, 2014 / 5:00 PM / 5 years ago

IMF approves $115 million loan disbursement to Cyprus

A man cycles pass the Central Bank of Cyprus on the island's capital Nicosia, April 18, 2013. REUTERS/Andreas Manolis

WASHINGTON (Reuters) - The International Monetary Fund said on Friday it had reviewed Cyprus’s economy under a bail-out program and approved a loan disbursement for about $115 million.

The international lender said the disbursement brings total lending to date under the IMF’s $1.4 billion program with Cyprus to about $459 million.

The IMF facility is part of a broader 10 billion euro ($13.8 billion) three-year bailout program with the European Stability Mechanism for the island.

Cyprus was badly burnt in the euro zone debt crisis, particularly through its banking sector’s close links to troubled Greece.

Earlier this month, Cyprus’s parliament approved plans for privatizations, averting a showdown with international lenders who insist on state sell-offs.

($1 = 0.727 euros)

Reporting by Jason Lange; Editing by Chizu Nomiyama and Sophie Hares

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