This web page presents information about the work of the IMF in Cyprus, including the activities of the IMF Resident Representative Office. Additional information can be found on the Cyprus and IMF country page, including IMF reports and Executive Board documents that deal with Cyprus.

Note: The office closed on May 1, 2019. This page is being maintained for information purposes. 

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At a Glance: Cyprus and the IMF

  • Current IMF membership: 190 countries
  • 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.

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News and Highlights

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Cyprus and the IMF

  • IMF Executive Board Concludes 2023 Article IV Consultation with Cyprus

    June 5, 2023

    The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Cyprus on a lapse-of-time basis. Cyprus’s economy has been resilient to the fallout from Russia’s invasion of Ukraine. Output grew by 5.6 percent in 2022, as pandemic-affected pent-up demand boosted consumption, tourist arrivals rebounded, and the ICT sector expanded. Employment recovered and unemployment dropped to a post-Cyprus-financial-crisis low. However, high energy prices contributed to inflation and a larger current account deficit. The fiscal surplus reached 2.3 percent of GDP and public debt declined strongly. Liquidity and capital adequacy ratios in the banking sector have remained high, and profitability improved. Private sector deleveraging continues to be hindered by the slow resolution of legacy non-performing loans (NPLs).

  • Cyprus: Selected Issues

    June 5, 2023

    Series:Country Report No. 2023/193

  • Cyprus: 2023 Article IV Consultation-Press Release; and Staff Report

    June 5, 2023

    Series:Country Report No. 2023/192

  • Cyprus: Staff Concluding Statement of the 2023 Article IV Mission

    March 30, 2023

    1. Cyprus’s economy has proved resilient to the fallout from Russia’s invasion of Ukraine, but surging energy prices pushed up inflation. Output grew by 5.6 percent in 2022 as consumption recovered on the back of post-COVID pent-up demand, tourist arrivals rebounded (despite the impact of the war on arrivals from Russia and Ukraine), and the ICT sector continued expanding supported by an influx of new companies. Employment has recovered to pre-COVID levels and unemployment has dropped to a post-financial-crisis low. However, high energy prices contributed to a pickup of inflation, transmitting to other prices amid the tight labor market.

  • IMF Executive Board Concludes 2022 Article IV Consultation with Cyprus

    June 1, 2022

    IMF Executive Board Concludes 2022 Article IV Consultation with Cyprus

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April 28, 2023


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