## Cyprus: Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria—Staff Report-press Release; and Statement by the Executive Director

_IMF Staff Country Reports, April 1, 2014_

## Source details

**Canonical URL:** [Cyprus: Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria—Staff Report-press Release; and Statement by the Executive Director](https://www.imf.org/en/publications/cr/issues/2016/12/31/cyprus-third-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-41452)

## Other formats

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## Bibliographic details
- Published: April 1, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484347591.002

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### Overview
- Focus: strong ownership and implementation of Cyprus’s program under the Extended Fund Facility.
- Political context: "Despite the difficult environment in which the authorities operate, the political commitment remains strong while every effort is being made to maintain strong social cohesion."
- Assessment: "Steadfast implementation has produced tangible results with indications that the healing process is already under way."
- Outlook: "Although a difficult adjustment is still ahead, with the guidance of EU and IMF staff, Cyprus has placed itself in a good position to continue along the agreed path."

### Key findings and assessments
- Ownership and implementation:
  - Emphasis on "strong ownership and implementation of its program."
  - Implementation characterized as "steadfast" and producing "tangible results."
- Social and political dimensions:
  - Authorities are making "every effort" to "maintain strong social cohesion."
  - Political commitment described as "strong" despite a "difficult environment."
- Forward-looking judgment:
  - The adjustment ahead is described as "difficult."
  - Continued guidance from "EU and IMF staff" is highlighted as supporting Cyprus's position to "continue along the agreed path."

### Subject coverage and keywords (as stated)
- Subject: Banking, Credit, Financial institutions, Loans, Money, Nonperforming loans, Public debt, Revenue administration
- Keywords: authority, country's financial system, CR, Credit, disbursement of SDR, Europe, executive board discussion, Global, ISCR, Loans, Nonperforming loans, program implementation, SDR, supplementary information

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/cyprus-third-review-under-the-extended-arrangement-under-the-extended-fund-facility-and-41452_