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President of the Republic Nicos Anastasiades is expected to further assess the controversial foreclosures bill whose implementation has been suspended until January 31, in a meeting later today with Ministers of Finance and Interior, Harris Georgiades and Socratis Hasikos.

The official meeting is set to discern how authorities might proceed with the implementation of Cyprus’ economic adjustment programme, following the delays regarding foreclosures.

The decision taken by the House of Representatives to postpone the implementation of said legislation – a prerequisite to the disbursement of further financial aid – critically undermines the credibility of the country, Minister of Finance Harris Georgiades has publically commented.

Indeed, an IMF spokesperson has noted that “critical requirements for the completion of the 5th program review are no longer met,” following the decision. The European Commission has furthermore stated that the next programme review, set to begin in January, may be rescheduled.

According to sources, President Anastasiades intends to refer the foreclosures bill back to Parliament following today’s meeting.