{
  "title": "Cyprus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus",
  "publication": "IMF Staff Country Reports, December 3, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/11/30/cyprus-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46409",
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  "summary": "Cyprus is recovering strongly from the 2012–13 crisis. GDP growth is projected to remain above 4 percent in 2018–19, buoyed by services and foreign-financed construction. Unemployment is rapidly declining while large fiscal primary surpluses are putting public debt back on a declining path.",
  "sections": [
    {
      "heading": "Macroeconomic recovery and growth",
      "content": "- Cyprus is recovering strongly from the 2012–13 crisis.\n- GDP growth is projected to remain above 4 percent in 2018–19, buoyed by services and foreign-financed construction.\n- Unemployment is rapidly declining."
    },
    {
      "heading": "Fiscal position and public debt",
      "content": "- Large fiscal primary surpluses are putting public debt back on a declining path."
    },
    {
      "heading": "Banking sector, NPLs, and financial stability",
      "content": "- Crisis legacies continue to weigh on the banking system.\n- In early 2018, difficulties in the Cyprus Cooperative Bank led the authorities to intervene, at a significant fiscal cost.\n- A package of legislative measures strengthening the insolvency and foreclosure regime was approved; this is catalyzing the cleanup of bank balance sheets.\n- Subject tags in the source include: Banking, Credit, Financial institutions, Fiscal policy, Fiscal stance, Loans, Money, Nonperforming loans, Public debt."
    },
    {
      "heading": "Ratings and external assessment",
      "content": "- These developments have led to a sovereign ratings upgrade, restoring Cyprus’s investment grade status."
    },
    {
      "heading": "Publication and document specifics",
      "content": "- Title: Cyprus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus\n- Publication date on landing page: December 3, 2018\n- Series: Country Report No. 2018/337\n- Issue: 337\n- Volume: 2018\n- Pages: 80\n- DOI: https://doi.org/10.5089/9781484387344.002\n- Stock No: 1CYPEA2018002\n- ISBN: 9781484387344\n- ISSN: 1934-7685\n- Format references on the page: IMF Staff Country Reports; Preview Citation format: Chicago\n\nInternational Monetary Fund. Cyprus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus (Country Report No. 2018/337), December 3, 2018.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 3, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484387344.002",
    "Cyprus is recovering strongly from the 2012–13 crisis.",
    "GDP growth is projected to remain above 4 percent in 2018–19, buoyed by services and foreign-financed construction.",
    "Unemployment is rapidly declining.",
    "Large fiscal primary surpluses are putting public debt back on a declining path.",
    "Crisis legacies continue to weigh on the banking system.",
    "In early 2018, difficulties in the Cyprus Cooperative Bank led the authorities to intervene, at a significant fiscal cost.",
    "A package of legislative measures strengthening the insolvency and foreclosure regime was approved; this is catalyzing the cleanup of bank balance sheets.",
    "Subject tags in the source include: Banking, Credit, Financial institutions, Fiscal policy, Fiscal stance, Loans, Money, Nonperforming loans, Public debt.",
    "These developments have led to a sovereign ratings upgrade, restoring Cyprus’s investment grade status.",
    "Title: Cyprus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus",
    "Publication date on landing page: December 3, 2018",
    "Series: Country Report No. 2018/337",
    "Issue: 337",
    "Volume: 2018",
    "Pages: 80",
    "DOI: https://doi.org/10.5089/9781484387344.002",
    "Stock No: 1CYPEA2018002",
    "ISBN: 9781484387344",
    "ISSN: 1934-7685",
    "Format references on the page: IMF Staff Country Reports; Preview Citation format: Chicago",
    "**Country Report**"
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