IMF disburses $113 million for bailed-out Cyprus

NICOSIA Mon Sep 16, 2013 12:19pm EDT

Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon

Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012.

Credit: Reuters/Kim Kyung-Hoon

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NICOSIA (Reuters) - The International Monetary Fund said on Monday it had completed its first review of its bailout program for Cyprus, enabling the disbursement of $113 million.

The Fund said that brought total disbursements under its $1.3 billion loan program for Cyprus to $226 million.

The IMF facility for Cyprus is part of a broader 10 billion euro ($13 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.

As part of the 10 billion euro aid package, Cyprus was forced to shut down one of its largest banks and bank deposits seized in a second bank to recapitalize it, in a process known as a bail-in.

($1 = 0.7489 euros)

(Reporting by Timothy Ahmann, additional reporting by Michele Kambas; editing by Ron Askew)

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