Cyprus: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus
September 15, 2010
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Economic conditions have stabilized, and the economy is projected to bottom out in 2010, giving way to a mild recovery in 2011 followed by stronger growth. The foremost policy challenge is to achieve the official fiscal consolidation targets so as to put debt ratios on a declining path and provide more space to guard against risks to the financial sector. Further old-age pension reform is also essential. Structural reforms are needed to preserve competitiveness and enhance medium-term growth. The government largely shared the IMF staff’s assessment.
Subject: Banking, Commercial banks, Expenditure, Financial institutions, Loans, Nonperforming loans, Public debt
Keywords: Commercial banks, CR, credit society, Cypriot bank, delinquency rate, Global, HICP, HICP inflation, ISCR, Loans, Nonperforming loans, staff appraisal
Pages:
53
Volume:
2010
DOI:
Issue:
291
Series:
Country Report No. 2010/291
Stock No:
1CYPEA2010002
ISBN:
9781455206414
ISSN:
1934-7685
