BRUSSELS, April 3 The International Monetary
Fund will contribute 1 billion euros over three years to the 10
billion euro bailout for Cyprus, IMF Managing Director Christine
Lagarde said in a statement on Wednesday.
Lagarde said she expected the IMF board to approve the funds
in early May.
"A staff team of the International Monetary Fund has reached
staff level agreement with the Cypriot authorities on an
economic program that will be supported by the IMF jointly with
the European Union and the European Central Bank," Lagarde said.
"A combined financing package of 10 billion euros is
designed to help Cyprus cover its financing needs, including to
service debt obligations, while it implements the policies
needed to restore the health of the economy and regain access to
capital market financing," she said.