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

September 18, 2013

Preview Citation

Format: Chicago

Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria, (USA: International Monetary Fund, 2013) accessed September 18, 2024

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. All structural benchmarks were also observed, albeit some with a brief delay. The authorities have made important strides to complete the bank resolution process, publish a roadmap to gradually ease payment restrictions, and finalize a restructuring strategy for the cooperative credit sector. However, much remains to be done to fully implement the financial sector restructuring strategy and restore confidence in the system.

Subject: 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

Publication Details

Pages:

121
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/293
Stock No:

1CYPEA2013002
ISBN:

9781484361054
ISSN:

1934-7685

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