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Author’s Bio: This article is all about the importance of home insurance.


NICOSIA, May 20 (Xinhua) -- Cyprus' international lenders have completed a review of the eastern Mediterranean island's economy, putting its bailout program back on track, a statement said on Wednesday.


Cyprus concluded a 10-billion-euro bailout package in 2013 which was tied to a strict economic adjustment program and also to the resolution of its banking system. It marked the first time in the world that banks had recapitalized using creditors' money, claiming uninsured deposits over 100 Nuove Nike Air Force 1 07 ,000 euros (110,830 U.S. dollars) to do so.


Teams of technocrats representing the European Commission, the European Central Bank and the International Monetary Fund said in a joint statement that all elements were now in place for the conclusion of their assessment.


They said repossessions and insolvency legislation, which had been suspended for many months, was now being applied.


The review on Cyprus' progress in implementing an economic adjustment program has been in doubt for more than six months following the suspension of legislation for the repossession of mortgaged properties.


However Nike Air Force 1 07 Low Mid , the technocrats warned that the country needs to take more actions to reduce non-performing loans, including enacting legislation to facilitate the sale of bank loan packages.


Cypriot authorities are drafting legislation for the sale of loan packages to buyers after they are vetted by the island's central bank.


The report issued by teams of technocrats representing international lenders, collectively known as the troika, also called on Cypriot authorities to keep the momentum of structural reforms saying that their core element should be the restructuring of the public administration.


"The timely application of the plan for privatizing state-owned corporations is necessary for increasing economic efficiency, attracting investments and cutting back the public debt Nike Air Force 1 07 High ," said the report.


The report has to be officially endorsed by the Eurogroup and the IMF.