Press Release No. 12/240

Press Release: Statement by IMF Managing Director Christine Lagarde on Cyprus

June 27, 2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today on Cyprus:

“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. We stand ready to join the efforts of our 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.”