The International Monetary Fund has approved the release of113.1 million US Dollars package for Cyprus to tackle its financial crisis. The decision was taken at the first review meeting of the Cyprus's performance under a three-year loan program with IMF and European Union. Cyprus has now received about 226.2 million dollars out of the combined loan package .Under the Extended Fund Facility arrangement of IMF and EU , a 10-billion-euro financing package has been sanctioned to bail out Cyprus.The country plunged into crisis in 2012 as Greece's meltdown spilled over, leaving a number of its top banks insolvent and forcing depositors to accept reductions in the value of their bank accounts. In order to get the loan package, the government had to take over major banks, agree to large spending cuts and tax hikes, and the sale of some state-owned assets.