Cyprus asks for IMF aid

Managing Director of the International Monetary Fund Christine Lagarde, left, speaks with Luxembourg's Prime Minister and President of the eurogroup Jean-Claude Juncker during a meeting of eurozone finance ministers in Luxembourg on Thursday, June 21, 2012. Lagarde said in statement Wednesday, June 27, 2012, that IMF had asked for financial aid amid the Eurozone debt crisis. AP PHOTO/VIRGINIA MAYO

WASHINGTON—The International Monetary Fund said Wednesday that Cyprus has asked for financial aid amid the eurozone sovereign debt crisis.

“Today, the IMF received an invitation from the Cypriot authorities to participate in the external financial assistance to contain the risks to the Cypriot economy,” IMF managing director Christine Lagarde said in a statement.

Lagarde noted that the request followed the Cypriot authorities’ request for financial support from the EU emergency funds, the European Financial Stability Facility and the European Stability Mechanism.

“We stand ready to join the efforts of our European partners to help Cyprus return to stable and sustainable economic growth and restore a solid financial sector,” Lagarde said.

“We expect to send an IMF team to Cyprus to evaluate the situation in the field as soon as possible in preparation for discussions on an economic program that will help Cyprus meet the economic challenges it is facing.”