IMF says Cyprus concludes rescue program a week early

NICOSIA, Cyprus – The head of the International Monetary Fund says Cyprus has ended the IMF-leg of a three-year rescue program a week 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.