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NICOSIA, July 31 (Xinhua) -- Cyprus and its international lenders on Wednesday said the economic adjustment program of the eastern Mediterranean island was on track but warned that dangers still lay ahead.


The evaluation paves the path for the Eurogroup to approve the release of a second tranche of a 10-billion-euro (about 13.2 billion U.S. dollars) bailout loan to Cyprus at a meeting in Brussels scheduled for Sept. 13.


Lenders will release a further 1.5 billion euros, which will mainly go toward recapitalizing cooperative banks through government participation in their capital stock at a 99 percent share.


International Monetary Fund (IMF) mission chief Delia Velculescu said during a conference call from Washington that the review carried out by the troika comprising the IMF nike air max 90 white online sale , the European Commission and the European Central Bank (ECB) found Cyprus'adjustment program to be on track, with authorities having made good progress towards meeting their objective.


A joint statement of the lenders issued by the ECB in Frankfurt said all the fiscal targets have been met by Cyprus as a result of significant fiscal consolidation measures underway and prudent budget execution, but warned that risks remain substantial.


"Continued full and timely policy implementation is essential for the success of the program nike air max 90 white black sale ," it added.


The lenders' statement said Cyprus' growth was expected to recover modestly starting in 2015, driven by non-financial services.


However, Cypriot Finance Minister Haris Georgiades cautioned that while the first evaluation procedure concluded on a positive note nike air max 90 white mens sale , there were big challenges ahead.


He said fiscal progress was within the target frame and structural reforms though still at an initial stage.


"No new austerity measures should be expected this year," he added.


Georgiades said that the exit of Bank of Cyprus from its resolution which was announced on Tuesday was a positive development that would help restore confidence in the country's banking system and push the economy on the road to recovery.


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