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The extended discourse surrounding Cyprus’ essential – and as yet, unimplemented – foreclosures and insolvency legislation continues, will latest developments reportedly pending approval from the island’s Troika of international lenders.

According to unconfirmed media sources, the Government is currently awaiting Troika’s endorsement of the fifth and final bill of a proposed insolvency framework, set to complete the legislative package purportedly aimed at protecting vulnerable groups from the foreclosure of primary residences.

Should the lenders – comprising the European Central Bank, European Commission and International Monetary Fund – indeed give the green light, the fifth bill will be presented to and approved during the forthcoming Cabinet meeting.

The enforcement of the foreclosures legislation is a crucial component of Cyprus’ economic adjustment programme agreement with its international lenders, acting as a precondition for the sixth tranche of international funding of €436 million. The further suspension of this package would hamper Cyprus’ commendable fiscal progress thus far and impede further efforts for growth, the island’s Finance Minister, Harris Georgiades, has repeatedly explained.