IMF agrees first batch of bailout for Cyprus

The International Monetary Fund (IMF) on Wednesday approved the first batch of its share of the global bailout loan to cash-strapped Cyprus.

The IMF’s Executive Board on Wednesday gave the green light to a three-year loan arrangement under the Extended Fund Facility (EFF) for Cyprus in the amount of 891 million special drawing right (SDR), or about $1.33 billion, in support of the country’s economic adjustment program. The approval allows for the immediate disbursement of 74.25 million SDR, or about $110.7 million, the IMF said in a statement.