IMF releases first bailout funds for Cyprus

The International Monetary Fund approved a US$1.33 billion (HK$10.3 billion) bailout loan for Cyprus on Wednesday and released the first US$110.7 million (HK$859.2 million) to the Cypriot government.

The loan is part of a combined US$13 billion (HK$100.9 billion) emergency financing deal set by the IMF and the European Stability Mechanism that aims to support the government as it seeks to restore balance to the ravaged Cypriot banking sector.

via Business feed http://www.scmp.com/business/economy/article/1238854/imf-releases-first-bailout-funds-cyprus