Cyprus: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus

August 14, 2009

Preview Citation

Format: Chicago

Cyprus: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus, (USA: International Monetary Fund, 2009) accessed November 21, 2024

Summary

This 2009 Article IV Consultation highlights that despite its resilience so far, the economy of Cyprus is slowing down and risks are increasing. The expected slowdown will increase credit risk in banks, which, in some plausible but unlikely extreme scenarios, could have systemic implications given the size and concentration of the banking sector. Executive Directors have endorsed the government’s objective to achieve a balanced budget over the medium term. Directors have also recommended the adoption of a medium-term budget framework and more effective management of public sector liabilities.

Subject: Banking, Commercial banks, Economic sectors, External debt, Financial institutions, Financial sector, Financial Sector Assessment Program, Financial services, Loans, Special Data Dissemination Standard (SDDS)

Keywords: Article IV consultation mission, Authority, Banks to the ECB liquidity facility, Budget deficit, Central government, Commercial banks, Cooperative, CR, Currency, Current account, Economy, EMU entry, Financial sector, Global, Healthcare reform, IMF staff estimate, ISCR, Liability positions vis-à-vis nonresident, Loans

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/255
Stock No:

1CYPEA2009006
ISBN:

9781451809978
ISSN:

1934-7685

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