IMF says Cyprus concludes rescue program 10 weeks early

Staff Writer
Columbus CEO

NICOSIA, Cyprus (AP) — The head of the International Monetary Fund says Cyprus has ended the IMF leg of a three-year rescue program 10 weeks ahead of schedule.

Christine Lagarde on Monday hailed Cyprus for delivering "an impressive turnaround of the economy" in the past three years. She said the Cypriot economy grew again last year, the banking system is on a more solid footing, spending is in check and public debt is shrinking.

But the IMF chief said Cyprus needs to stick to reforms in light of continued volatility in international markets.

Cyprus received 1 billion euros from the IMF and another 9 billion euros from its Eurozone partners in March 2013 in a rescue deal that forced a grab of uninsured savings in its two largest banks and shuttered the smaller lender.

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This story has been corrected to say program concluded 10 weeks ahead of schedule instead of one week.