The IMF says “progress has been slow” on Cypriot efforts to tackle the non-performing loans (NPLs) that riddle its banking sector. Unless Cyprus passes a law facilitating loan foreclosure the ‘Troika’ (comprising the IMF and the European authorities) will not release the fifth tranche of the island’s €10bn bailout program – originally agreed in March last year.

Completion of the fifth review, which would take total payments to €6.2bn, is slated for September but “if the [foreclosure] law is not passed, the review will not be concluded,” IMF Mission Chief Delia Velculescu told a 30 July conference call. (CONTINUED - 389 WORDS)