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NICOSIA Cheap Adidas Ultra Boost Shoes Australia , June 3 (Xinhua) -- Cyprus's economic adjustment program is on track, according to a European Commission (EC) internal working document prepared ahead of the disbursement of the next loan tranche by international lenders.

The document, made available in Nicosia on Tuesday, prepares the way for the release of 600 million euros by the European Stability Mechanism (ESM) and 86 million euros by the International Monetary Fund.

The Eurogroup is expected to give the go ahead for the release of the money by June 16.

About 165 million euros will finance the state budget and the rest will re-finance maturing foreign debt.

Cyprus received a 10-billion euro bailout by the Eurogroup and the IMF in March 2013 after accepting a world-first bail-in of its primary bank Cheap Adidas Ultra Boost Australia , which also took on the assets of a failing lender which was wound down.

The EC document, prepared after the fourth review of the Cypriot economy, said the eastern Mediterranean island's fiscal targets met up to now with a considerable margin.

It also said that the banking system has met its targets of recapitalizing and restructuring, including the recapitalization and consolidation of the cooperative credit sector.

"This has allowed for a significant liberalization of domestic payment restrictions Cheap Adidas MND Sale Australia , in line with the government's roadmap. The authorities have also taken steps toward implementing their ambitious structural reform agenda," the document said

Cypriot authorities abolished all internal bank transaction restrictions at the end of May, leaving only international money transfer controls in place. They are scheduled to be lifted by the end of this year.

The document said the need to readjust foreign debt will act as an impediment to economic growth.

However, the EC said dangers to the prospects of the economy were considerably reduced.

It concluded that structural reforms have proceeded well Cheap Adidas MND Mens Australia , but some of them have to be speeded up, including plans to privatize state-owned enterprises and introducing a national health system.

"Continued full and timely policy implementation remains essential for the success of the program, given still high risks," the EC document said.

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