IMF payouts to Cyprus reach 1 bn euros

The International Monetary Fund on Wednesday approved the disbursement of 126.3 million euros ($137.4 million) to Cyprus after the eurozone member passed its ninth and penultimate review of its bailout programme. Cyprus' economic programme is also backed by the European Stability Mechanism, to the tune of nine billion euros. Cyprus has suffered from more than three years of economic slowdown with the government having imposed tax hikes and salary cuts in exchange for a European Union-IMF bailout