IMF Approves €278.4 Million Disbursement
June 19, 2015
Cyprus and The IMF
Cyprus: Fifth, Sixth, and Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility; Request for Waiver of Nonobservance of a Performance Criterion; and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Cyprus
June 23, 2015
Series: Country Report No. 15/155
June 23, 2015
Cyprus has made good progress in implementing its economic program, notably reforms to ease the burden of bad loans. In the first quarter of 2015, the nation returned to positive growth for the first time in four years.
Press Release: IMF Completes Fifth, Sixth, and Seventh Reviews of Cyprus’ EFF and Approves €278.4 Million Disbursement
Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund
Cyprus -- Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, May 29, 2015
May 29, 2015
PDF File Size: 518Kb
News — Highlights
Economic Policies on the Road to Recovery, by Vincenzo Guzzo, IMF Resident Representative for Cyprus
The Prospects for the Cypriot Economy in 2015, by Vincenzo Guzzo, IMF Resident Representative for Cyprus
Talking Points at The Economist’s 10th Cyprus Summit in Nicosia. By Mark Lewis, IMF Mission Chief for Cyprus.
Cyprus and the IMF
- Member since December 21, 1961
- Quota: SDR158.20 million
Each member country of the IMF is assigned a quota, based broadly on its relative position in the world economy. A member country's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing.
- Cyprus is represented in the Executive Board
The Executive Board is responsible for conducting the day-to-day business of the IMF. It is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries. The Managing Director serves as its Chairman. The Board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff.
Latest on Europe
The Regional Economic Issues (REI) report, published on May 11, 2015, assesses the macroeconomic outlook for Central, Eastern, and Southeastern Europe (CESEE), in light of the latest global economic and financial developments. Countries in the region are facing mixed economic fortunes, according to athe report. In addition to the legacies of the crisis, external forces are at play: the oil price, the strength of the euro area recovery, and geopolitical tensions.
Read the Survey Magazine article, "Central, Eastern and Southeastern Europe: Mind the Credit Gap."