Cyprus leaves IMF loan program

Cyprus on Monday canceled its International Monetary Fund loan program, which was not set to expire until May 14, IMF Managing Director Christine Lagarde said, citing a letter from the finance minister.

Lagarde said Cyprus had made tremendous strides under the program, but she called on the government to continue to press forward with reforms.

“Further improving fundamentals and sustaining efforts to strengthen the resilience and flexibility of the Cypriot economy are essential to ensure that the legacies of the financial crisis are left far behind," she said.

[Reuters]