This web page presents information about the work of the IMF in Cyprus, including the activities of the IMF Resident Representative Office. Additional information can be found on the Cyprus and IMF country page, including IMF reports and Executive Board documents that deal with Cyprus.
Note: The office closed on May 1, 2019. This page is being maintained for information purposes.
At a Glance: Cyprus and the IMF
- Current IMF membership: 191 countries
- Member since December 21, 1961
- Quota: SDR 303.8 million
- The 2024 Article IV Consultation was discussed by the Executive Board on May 22, 2024
- 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.
IMF’s Work on Cyprus
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IMF Executive Board Concludes 2024 Article IV Consultation with Cyprus
May 28, 2024
Cyprus recovered swiftly from the pandemic and has proven resilient to multiple adverse shocks. Growth moderated in 2023 but remained robust, above the euro area (EA) average, supported by a continued recovery in tourism, financial services and expanding ICT activity, and strong investments. Headline inflation has fallen below 2 percent, supported by declining energy prices and tighter monetary policy, but core inflation has been more persistent. Strong fiscal performance continues driven by robust revenue growth and contributing to a large decline in public debt. The banking sector has sizable capital and liquidity buffers, and despite tight financial conditions, risks appear to have declined.
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May 28, 2024
Series:Country Report No. 2024/138
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May 28, 2024
Series:Country Report No. 2024/137
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Cyprus: Staff Concluding Statement of the 2024 Article IV Mission
March 29, 2024
An International Monetary Fund (IMF) mission met with the Cypriot authorities during March 19–29, 2024 to discuss recent economic developments, the outlook and risks, and policy priorities.
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September 8, 2023
Series:Country Report No. 2023/325
Regional Economic Outlook
October 24, 2024
Europe’s economy is recovering, benefiting from a strong crises’ response. Yet, the recovery is falling short of its full potential. Uncertainty about persistent core inflation, policy directions, and geopolitical conflicts, is dampening the near-term outlook. In the longer term, perennially weak productivity growth—a result of limited scale and business dynamism–-amid new headwinds from fragmentation and climate change are holding back growth potential.
Read the Report