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

December 23, 2013

Preview Citation

Format: Chicago

Cyprus: Second Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria, (USA: International Monetary Fund, 2013) accessed September 20, 2024

Summary

This paper discusses Cyprus’ Second Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria. The program is on track. Fiscal performance continued to exceed targets comfortably, and the 2014 budget is more ambitious than envisaged at program approval. All structural benchmarks were met, albeit with a modest delay in one case. Significant progress has been made in restructuring and recapitalizing the banking sector, including with foreign participation in the share capital of one domestic bank. Fiscal structural reforms are proceeding, but strong resolve is needed to kick start the privatization process.

Subject: Asset and liability management, Banking, Credit, Debt restructuring, Money, National accounts, Private debt, Public debt, Revenue administration

Keywords: Adjustment program, CR, Credit, Debt restructuring, Disbursement of SDR, EFF arrangement, Europe, Executive board discussion, Global, Government, Government place, Implementation, ISCR, Plan, Private debt, Private sector indebtedness, Restructuring, Restructuring plan, Sustainability analysis

Publication Details

Pages:

133
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/374
Stock No:

1CYPEA2013003
ISBN:

9781475551839
ISSN:

1934-7685

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