{
  "title": "Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria",
  "publication": "IMF Staff Country Reports, September 18, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950/index.md",
  "summary": "This paper discusses Cyprus’ First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria. The program is on track, and ownership by the authorities has improved. Fiscal targets were met with a comfortable margin.",
  "sections": [
    {
      "heading": "Program status and ownership",
      "content": "- The program is on track.\n- Ownership by the authorities has improved."
    },
    {
      "heading": "Fiscal performance",
      "content": "- Fiscal targets were met with a comfortable margin."
    },
    {
      "heading": "Structural benchmarks and implementation",
      "content": "- All structural benchmarks were observed.\n- Some structural benchmarks were observed with a brief delay."
    },
    {
      "heading": "Financial sector actions and reforms",
      "content": "- Authorities have made important strides to complete the bank resolution process.\n- Authorities have published a roadmap to gradually ease payment restrictions.\n- Authorities have finalized a restructuring strategy for the cooperative credit sector."
    },
    {
      "heading": "Remaining challenges and policy implications",
      "content": "- Much remains to be done to fully implement the financial sector restructuring strategy.\n- Restoring confidence in the financial system remains an outstanding task."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subjects: Banking, Credit, External debt, Financial institutions, Loans, Money, Public debt, Revenue administration\n- Keywords: banking sector law, banking sector strategy, CR, Credit, Europe, executive board discussion, HIPC inflation, ISCR, Loans, Resolution law, revenue administration reform, trusts law, US House of Representatives\n\n---\n\n Content in this bundle\n\n- cr13293 — Executive Summary and Key Findings\n  - cr13293 — Executive Summary and Key Findings (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr13293 — Executive Summary and Key Findings (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950/bundle-manifest.json)",
    "Published: September 18, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484361054.002",
    "The program is on track.",
    "Ownership by the authorities has improved.",
    "Fiscal targets were met with a comfortable margin.",
    "All structural benchmarks were observed.",
    "Some structural benchmarks were observed with a brief delay.",
    "Authorities have made important strides to complete the bank resolution process.",
    "Authorities have published a roadmap to gradually ease payment restrictions.",
    "Authorities have finalized a restructuring strategy for the cooperative credit sector.",
    "Much remains to be done to fully implement the financial sector restructuring strategy.",
    "Restoring confidence in the financial system remains an outstanding task.",
    "Subjects: Banking, Credit, External debt, Financial institutions, Loans, Money, Public debt, Revenue administration",
    "Keywords: banking sector law, banking sector strategy, CR, Credit, Europe, executive board discussion, HIPC inflation, ISCR, Loans, Resolution law, revenue administration reform, trusts law, US House of Representatives",
    "**_cr13293 — Executive Summary and Key Findings**"
  ],
  "related": [
    {
      "title": "_cr13293 — Executive Summary and Key Findings",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13293.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13293.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13293.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/cyprus-first-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-40950/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-14T01:49:41.038Z"
}