In a statement issued late on Thursday the Eurogroup said it welcomed the institutions' conclusion following the sixth review mission that Cyprus' adjustment programme
had been brought back on track.
The EU Economic and Financial Affairs Council (ECOFIN) approved Tuesday Cyprus' fiscal adjustment programme
Cyprus will exit the bailout adjustment programme
in the next months, Finance Minister Harris Georgiades said on Friday, but warned that it would be a crime to return to the practices that put the island in this position in the first place.
As the implementation of this law was a condition for the completion of the fifth review it meant the adjustment programme
had been put on hold.
The first Economic Adjustment Programme
was for 110 billion in 2010, with two further Programmes for 172.
The first EU Economic Adjustment Programme
for Greece was for 110 billion euro (USD 129 billion) in 2010, with two further Programmes for 172.
The EU will likely put pressure on Cyprus soon to resume its reforms process, virtually suspended after the island's exit from the bailout adjustment programme
, the head of the fiscal watchdog said in an interview.
The ESM board in Luxembourg said that the payment "follows the positive assessment of the sixth quarterly review of Cyprus's macroeconomic adjustment programme
and approval of the supplemental Memorandum of Understanding with Cyprus by the ESM Board of Governors.
The introduction of the economic adjustment programme
in April 2013, which involves the downsizing and restructuring of the banking sector, will have an effect on day-to-day business transactions and could threaten the viability of many firms and further reduce confidence.
The strong commitment of the Portuguese authorities to ensure that the implementation of the economic adjustment programme
remains on track is very important," commission spokesman Simon O'Connor told journalists in Brussels.
It added: "Ireland is continuing to undertake a comprehensive and vital adjustment programme
to reduce its macroeconomic imbalances and restore its banking system to health.
The relief bonanza is a result of the country's adherence to economic restructuring imposed by the Bank nearly 10 years ago and is a 'reward' for Zambia sticking to the adjustment programme
, according to Abraham Mweenda, the Central Bank deputy chief.