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

IMF Staff Country Reports, December 23, 2013

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

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Bibliographic details

• Published: December 23, 2013
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781475551839.002

Overview

• The paper discusses Cyprus’ Second Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria.
• Publication date: December 23, 2013.
• The program is described as "on track."

Key findings

• Fiscal performance continued to exceed targets comfortably.
• 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.

Banking sector

• Restructuring and recapitalization efforts have shown significant progress.
• Foreign participation occurred in the share capital of one domestic bank.

Fiscal performance and reforms

• Fiscal performance: continued to exceed targets comfortably.
• 2014 budget: characterized as more ambitious than envisaged at program approval.
• Fiscal structural reforms: proceeding, but privatization requires stronger resolve to advance.

Structural benchmarks

• All structural benchmarks were met.
• One structural benchmark experienced a modest delay.

Subjects and keywords (as listed)

• Subjects: Asset and liability management, Banking, Credit, Debt restructuring, Money, National accounts, Private debt, Public debt, Revenue administration
• Keywords: adjustment program, CR, Credit, Debt restructuring, disbursement of SDR, EFF arrangement, Europe, executive board discussion, Global, government, government place, implementation, ISCR, plan, Private debt, private sector indebtedness, restructuring, restructuring plan, sustainability analysis

Content in this bundle

• Cyprus: IMF Staff Report Excerpts
  • Cyprus: IMF Staff Report Excerpts (Markdown version)
  • Cyprus: IMF Staff Report Excerpts (PDF)