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On the motion of the Finance Committee, the first reading of the draft Resolution “Approval of the Draft of the Memorandum of Understanding to be Entered into between the European Commission and the Republic of Cyprus” (419 OE), submitted by the Government, was concluded. This draft Memorandum provides for granting financial assistance of up to 10 billion euro to Cyprus of which 9 billion will be borne by the European Stability Mechanism (ESM) and 1 billion by the International Monetary Fund (IMF). With the help of that, and with the restructuring of the financial sector, the debt burden of the state should fall to a sustainable level, that is, to 102-104 per cent of GDP, and the domestic banking sector should be downsized to the EU average of around 3.5 times GDP. The basic conditions of the Cyprus programme of the Memorandum of Understanding will be decided by the Board of Governors of the ESM on 24 April. Under the Act on ratification of the Treaty establishing the ESM, a Resolution of the Riigikogu is needed for that. The second reading and the final vote on the Bill is scheduled for Thursday, 18 April.

On the motion of the Cultural Affairs Committee, the Bill on Amendments to § 21 of the Basic Schools and Upper Secondary Schools Act (369 SE), initiated by the Social Democratic Party Faction, was rejected at the first reading. 49 members of the Riigikogu voted in favour of the motion to reject and 30 voted against, thus the Bill was dropped from the legislative proceeding.

The Riigikogu Press Service