IMF Agrees to $1.2B Cypriot Bailout

(AP) IMF agrees to its part of Cypriot bailout
NICOSIA, Cyprus
The International Monetary Fund has agreed to its part of the bailout for Cyprus, saying it will contribute 1 billion euros ($1.28 billion).

The European Union and the IMF this week finalized the details of the bailout, which was agreed on in principle last week. IMF head Christine Lagarde said in a statement issued Wednesday that the fund will provide about a tenth of the overall package of 10 billion euros ($12.8 billion)

EU finance chief Olli Rehn and Lagarde said in a separate, joint statement that "significant challenges lie ahead for Cyprus" as the government there sets in motion a multi-year program of reforms to rebuild its troubled banking sector and to implement deep spending cuts.

Cyprus hopes the first batch of rescue money will arrive next month.

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