Following Cyprus’ application on 25 June 2012, an integrated Economic Adjustment Programme was agreed between the European Commission, the European Central Bank (ECB), the International Monetary Fund (IMF) and the Republic of Cyprus on 2 April 2013. The programme aims at facing economic, fiscal and structural challenges of the economy in order for Cyprus to revert to a path of sustainable growth.
The Economic Adjustment Programme for Cyprus covers the period 2013-2016. The European Stability Mechanism will make available up to 9 billion euro, while the International Monetary Fund is expected to contribute around 1 billion euro.
Representatives of the European Commission, the ECB and the IMF visit Nicosia at regular time intervals in order to assess the progress made by Cyprus in implementing the programme. The conclusions of all the evaluations so far demonstrate that the Cypriot programme is on the right track.