Lenders seeking durable solution to Cyprus bank problems - IMF

WASHINGTON Thu Jan 31, 2013 10:45am EST

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WASHINGTON Jan 31 (Reuters) - International lenders are working toward a "durable solution" to help Cyprus deal with its banking problems, and in the meantime the country continues to meet its financing needs through domestic borrowing, the International Monetary Fund said on Thursday.

"The authorities have been able to meet their financing needs through the domestic market in recent months and are expected to be able to continue meeting their obligations," IMF spokesman Gerry Rice told reporters.

Rice said talks with Cyprus on a possible funding program were likely to advance following elections next month.

Meanwhile, Rice said the Egyptian authorities were revising their economic program and talks on a loan program would resume once the work is finalized.

"The IMF continues to stand ready to help Egypt," Rice said, following concerns of more possible delays in talks with the Fund after deadly unrest this week that killed nearly 60 people. "Once we receive the authorities' updated work program we will discuss with them a possible mission to Cairo," he added.

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