IMF makes another 126 mln euros available for bailed-out Cyprus

The International Monetary Fund says it has made another 126.3 million euros ($136.87 million) available to Cyprus after completing what it said was its second-to-last review of the Eurozone country's rescue deal.

The IMF said Wednesday the amount brings to 1 billion euros ($1.1 billion) its share of disbursements to the 10 billion euro bailout that forced a grab of uninsured deposits in Cyprus' two largest banks and shuttered the smaller lender.

Senior IMF official Mitsuhiro Furusawa said Cyprus has made much progress under the three-year program, but sticking to reforms and keeping spending in check are necessary to reduce the huge number of bad loans and large public debt.

Cyprus' Finance Minister Harris Georgiades said Monday the country is on track to exit the program on time this March. [AP]