Cyprus: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus

September 15, 2010

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Format: Chicago

Cyprus: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus, (USA: International Monetary Fund, 2010) accessed November 25, 2024

Summary

Economic conditions have stabilized, and the economy is projected to bottom out in 2010, giving way to a mild recovery in 2011 followed by stronger growth. The foremost policy challenge is to achieve the official fiscal consolidation targets so as to put debt ratios on a declining path and provide more space to guard against risks to the financial sector. Further old-age pension reform is also essential. Structural reforms are needed to preserve competitiveness and enhance medium-term growth. The government largely shared the IMF staff’s assessment.

Subject: Banking, Commercial banks, Expenditure, Financial institutions, Loans, Nonperforming loans, Public debt

Keywords: Commercial banks, CR, Credit society, Cypriot bank, Delinquency rate, Global, HICP, HICP inflation, ISCR, Loans, Nonperforming loans, Staff appraisal

Publication Details

Pages:

53
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/291
Stock No:

1CYPEA2010002
ISBN:

9781455206414
ISSN:

1934-7685

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