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

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

December 23, 2013

Electronic Access:

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Summary:

This paper discusses Cyprus’ Second Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria. The program is on track. Fiscal performance continued to exceed targets comfortably, and the 2014 budget is more ambitious than envisaged at program approval. All structural benchmarks were met, albeit with a modest delay in one case. Significant progress has been made in restructuring and recapitalizing the banking sector, including with foreign participation in the share capital of one domestic bank. Fiscal structural reforms are proceeding, but strong resolve is needed to kick start the privatization process.

Series:

Country Report No. 13/374

Subject:

English

Publication Date:

December 23, 2013

ISBN/ISSN:

9781475551839/1934-7685

Stock No:

1CYPEA2013003

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

133

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