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
Press Release: Statement by the European Commission, ECB and IMF on the Fifth Review Mission to Cyprus
Cyprus: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Cyprus
July 2, 2014
Series: Country Report No. 14/180
Press Release: IMF Completes Fourth Review Under the EFF for Cyprus and Approves €84 Million Disbursement
June 25, 2014
Published in Phileleftheros, June 8, 2014
Transcript of a Conference Call on the Preliminary Conclusions of the EFF’s Fourth Review Mission to Cyprus
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.