ATHENS--A senior Cypriot official held out hope Friday that a deal on a plan to unlock billions in international aid for the island's teetering economy was just hours away.

"I believe that we may have a result this day," said the parliamentary leader of the ruling Democratic Rally party, Averof Neophytou.

Cyprus's parliament is expected to convene later Friday to vote on a bill that would impose strict capital controls on the island. A bank resolution law has also been submitted to the Cypriot parliament.

"We are trying hard to reach a compromise solution for our problem," he said. "We believe that in the next few hours we could be able, with a lot of difficulties to reach a framework that would be in the policies of the European Union, the European Central Bank and the International Monetary Fund."

Earlier Friday, the island's government spokesman said the country is in the final stage of negotiations with a delegation of inspector from those institutions.

"The president and the government are negotiating hard and are in the final stages with the troika to conclude on solutions that would safeguard the banking system and the wider economy and will bring back calm to the country," government spokesman Christos Stylianidis said. "In a few hours, we will be called on again to take major decisions and respond to the tough dilemmas."

The government has for days been trying to put together a plan for raising 5.8 billion euros ($7.5 billion). That's the amount Cyprus must cough up to secure 10 billion euros ($13 billion) in loans from the EU and the IMF to prop up the island's failing banking sector.

Earlier this week, parliament rejected a deal that includes a tax on bank savings accounts.

A Democratic Rally lawmaker, Marios Mavridis, told state television RIC Friday that if the levy is resurrected, it will be applied to deposits of more than EUR100,000. Previously all deposits were to be taxed.

"Haircut will be our last choice. It is bad it wasn't our first," he said.

The proposed capital controls would allow authorities to restrict non-cash transactions, curtail check cashing, limit withdrawals and even convert checking accounts into fixed-term deposits when banks reopen. They have been closed since March 16.

A bank resolution law has also been submitted to the Cypriot parliament and is expected to be voted.

Cyprus is preparing to wind down Cyprus Popular Bank PCL (CPB.CP), also known as Laiki Bank, the country's second-largest lender, while ringfencing its largest lender, Bank of Cyprus PCL (BOCY.CP).

The plan would involve splitting Laiki's assets into good and bad units and merging the good assets with Bank of Cyprus.

Write to Nektaria Stamouli at nektaria.stamouli@dowjones.com

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