The International Monetary Fund has said it plans to send a fact-finding mission to Cyprus next week after receiving a request for financial assistance.

The fund said the mission will assess the country's challenges amid the public debt crisis, following the request from Cypriot authorities this week for help from both the IMF and fellow euro zone countries.

"We stand ready to join the efforts of our European partners to help Cyprus return to stable and sustainable economic growth and a solid financial sector," said IMF spokesman Gerry Rice.

"We expect to send an IMF team to Cyprus to evaluate the situation in the field next week in preparation for discussions on an economic program to help Cyprus address the economic challenges it faces," he said.

"This likely will be a mission jointly with our European partners," he added.