Cyprus' lawmakers will vote again next week on a crucial privatization bill that the country needs to secure the next batch of rescue money and avoid bankruptcy.

Prodromos Prodromou, spokesman for the ruling Democratic Rally party, told the Associated Press that parliament will convene at noon Tuesday, a day before the deadline that the country's creditors have set for the bill's approval in order to release the 236 million ($326 million) installment.

Prodromou was speaking on Friday, the day after parliament narrowly rejected the bill that would pave the way for the privatization of state-owned companies.

Privatizations are a key component of a 10 billion-euro ($13.81 billion) rescue package that Cyprus agreed with other euro area countries and the International Monetary Fund a year ago.