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

 
 
Publication Date: December 23, 2013
 
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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(s): Extended Fund Facility | Fiscal policy | Fiscal reforms | Tax administration | Banking sector | Bank restructuring | Bank supervision | Economic indicators | Debt sustainability analysis | Staff Reports | Press releases | Performance criteria modifications | Cyprus

 
English
Publication Date: December 23, 2013
ISBN/ISSN: 9781475551839/1934-7685 Format: Paper
Stock No: 1CYPEA2013003 Pages: 133
Price:
US$18.00 (Academic Rate:
US$18.00 )
 
 
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