Cyprus IMF contribution could read €460 million

Cyprus’ International Monetary Fund (IMF) contribution could reach almost €460 million if required, according to finance minister Kikis Kazamias.

Speaking after yesterday’s teleconference for EU finance ministers, Kazamias said the ministers discussed boosting IMF resources and transforming the European Financial Stabilisation Facility to the European Stability Mechanism (due to take effect in June 2012.)

Asked about the EU Summit decision to increase the European contribution to the IMF by €200 billion, according to which €150 billion would come from the eurozone and €50 billion from the other member states, Kazamias said that Great Britain has opposed this decision and that it will take its decision in the framework of the G20.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.