The International Monetary Fund (IMF) executive board yesterday approved its €1 billion contribution to Cyprus's €10 billion financial support package, provided in conjunction with the European Union's European Stability Mechanism, which will stump up the remaining €9 billion.
The three-year programme is aimed at helping Cyprus stabilise its financial system and achieve fiscal sustainability, following the collapse of its two dominant banks earlier this year, an event that lead to a bail-in of
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