Nicosia – Cyprus’ Troika of international lenders is returning to the island tomorrow for its eighth evaluation of the country’s economic adjustment programme.

The programme, which came as a prerequisite to a €10 billion bailout agreement in March 2013, is expected to come to completion on 31 March 2016.

According to local news sources, Troika’s delegates, which represent the International Monetary Fund, European Commission and the European Central Bank, will remain in Cyprus until November 13, focusing all the while on the country’s high levels of Non-Performing Loans (NPLs) and strengthening the supervisory framework for the restructuring of loans.

IMF Cyprus Representative, Vincenzo Guzzo, has deemed the reduction of high NPLs a high priority, adding that attention should not only focus on the banks’ capital but also on the broader economy.

Troika’s return to the island follows positive developments in the course of the local economy, including its upgrade to B+ by rating agency Fitch, as well as the Government’s third successful bond issuance since 2013. Cyprus raised €1 billion from the 10-year Eurobond (EMTN) issued last week at a yield of 4.25%.

Moreover, last week, IMF Spokesman, Jerry Rice, commented that the Cyprus economy has recovered significantly, revealing that the ability of borrowers to service their debts has strengthened.