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[Xiaoyeshi]

NICOSIA , Nov. 6 (Xinhua) -- Finance Ministers of the Eurozone meeting in Brussels approved the release of a 350-million-euro bailout tranche (433 million U.S. dollars) for Cyprus which had been put on hold for about two months, state radio of Cyprus reported on Thursday.


A news report carried by the state broadcaster said the ministers endorsed a working document which said Cyprus has met the remaining two conditions for the release of the sixth tranche of a 10-billion-euro bailout agreed in March, 2013.


These related to the enactment of a law on foreclosures and the abrogation of framework legislation which the Eurogroup considered to be an impediment to the repossession of mortgaged properties by the banks.


Cyprus's Finance Minister Haris Georgiades said that the Cypriot economy is on the right track after two years of austerity and reforms but added that the remaining part of the adjustment program will be diligently applied throughout its entire duration.