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| IMF's Executive Director Christine Lagarde [FILE PHOTO] |
Washington: The International Monetary Fund (IMF) on Wednesday said that Cyprus has asked for financial help to deal with country's on-going banking crisis.
In a statement issued to the press, IMF’s Executive Director Christine Lagarde said, “Today, the IMF received an invitation from the Cypriot authorities to participate in the external financial assistance to contain the risks to the Cypriot economy. This follows the authorities’ request for financial support from the euro-area Member States through the EFSF/ESM.”
She asserted that IMF “stands ready” to join the efforts of its European partners to help Cyprus return to stable and sustainable economic growth and restore a solid financial sector.
“We expect to send an IMF team to Cyprus to evaluate the situation in the field as soon as possible in preparation for discussions on an economic program that will help Cyprus meet the economic challenges it is facing,” Lagarde added.