IMF Loan to Stabilize Cyprus’ Financial System, Restore Growth
May 17, 2013
The International Monetary Fund’s Executive Board approved a $1.33 billion loan over three years to help the island nation of Cyprus, a member of the European Union, to stabilize the financial sector and set public finances on a sustainable path.
News — Highlights
Cyprus and The IMF
Speech at The Economist Conference, "Cyprus on the Mend?" by Delia Velculescu, IMF Mission Chief for Cyprus
Press Release: Statement by the European Commission, ECB and IMF on the Second Review Mission to Cyprus
Transcript of a Press Briefing by William Murray, Deputy Spokesman, Communications Department,International Monetary Fund
Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund
Cyprus and the IMF
- Member since December 21, 1961
- Quota: SDR158.20 million
Each member country of the IMF is assigned a quota, based broadly on its relative position in the world economy. A member country's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing.
- Cyprus is represented in the Executive Board
The Executive Board is responsible for conducting the day-to-day business of the IMF. It is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries. The Managing Director serves as its Chairman. The Board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff.
Latest on Europe
The October 2013 Regional Economic Issues Report (REI) discusses the implications of the recent turmoil in Central, Eastern, and Southeastern Europe (CESEE)'s emerging markets.
What are the implications of the turmoil in emerging markets for Central, Eastern, and Southeastern Europe (CESEE)? Why have some countries been more affected than others? The October 2013 CESEE Regional Economic Issues (REI) assesses the macroeconomic outlook for the region in light of the latest global economic and financial developments. The REI also focuses on prospects for longer-term potential growth, and the policies and reforms that will be needed to boost growth and bring down on a sustained basis the relatively high rates of unemployment across much of the region.