FINANCE Minister Harris Georgiades announced on Friday that Cyprus has completed the eighth review of its economic adjustment programme, but warned that reforms must continue to improve the island’s economic performance.
Mr Georgiades anticipates that the eighth review will be the last and will be completed formally in mid-January after a Eurogroup meeting, which will be followed by the disbursement of a further tranche of the bailout loan.
It seems that a delegation from the troika of the island’s international lenders may not have sufficient time to carry out a further review before Cyprus exits the economic adjustment programme on 31st March 2016.
The troika has set four conditions (prior actions) for releasing the next bailout tranche:
- Parliament has to adopt the bill relating to the creation of a new state-owned telecommunications company.
- Cabinet approving the bill regulating CYTA employees labour issues.
- Cabinet deciding the manner and format of the unbundling of the Electricity Authority of Cyprus (EAC), on the principles set out in the third EU energy package.
- Confirmation by the troika of the loan sale bill that was adopted by parliament on 12th November 12 is to their satisfaction.
I have no news on the various outstanding property-related issues but will update everyone as soon as the information is available.