Cyprus : First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria

 
 
Publication Date: September 18, 2013
 
Electronic Access: Free Full text (PDF file size is 1,664KB).
Use the free Adobe Acrobat Reader to view this PDF file

 
Summary: This paper discusses Cyprus’ First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria. The program is on track, and ownership by the authorities has improved. Fiscal targets were met with a comfortable margin. All structural benchmarks were also observed, albeit some with a brief delay. The authorities have made important strides to complete the bank resolution process, publish a roadmap to gradually ease payment restrictions, and finalize a restructuring strategy for the cooperative credit sector. However, much remains to be done to fully implement the financial sector restructuring strategy and restore confidence in the system.
 
Series: Country Report No. 13/293
Subject(s): Extended Fund Facility | Fiscal policy | Fiscal consolidation | Debt sustainability | Fiscal reforms | Banking sector | Bank restructuring | Bank supervision | Economic indicators | Letters of Intent | Staff Reports | Press releases | Cyprus

 
English
Publication Date: September 18, 2013
ISBN/ISSN: 9781484361054/1934-7685 Format: Paper
Stock No: 1CYPEA2013002 Pages: 121
Price:
US$18.00 (Academic Rate:
US$18.00 )
 
 
Please address any questions about this title to publications@imf.org