IMF Staff Country Reports

Cyprus : Fifth, Sixth, and Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility; Request for Waiver of Nonobservance of a Performance Criterion; and Rephasing of Access

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

June 23, 2015

Electronic Access:

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Summary:

This paper discusses Cyprus’s Fifth, Sixth, and Seventh Reviews Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Nonobservance of a Performance Criterion (PC), and Rephasing of Access. Economic developments have been encouraging. The recession in 2014 was milder than expected, and GDP growth was positive in the first quarter of 2015 for the first time in almost four years. Program performance has been generally strong. Compliance with quantitative conditionality has been good, and the authorities have advanced structural reforms. Further efforts to strengthen banking supervision and restructure banks are needed. The ongoing structural reform program is also crucial for public finances and growth.

Series:

Country Report No. 15/155

Subject:

Bank supervision Banking sector Cyprus Debt sustainability analysis Economic indicators Extended arrangement reviews Extended Fund Facility Fiscal policy Fiscal reforms Letters of Intent Performance criteria modifications Performance criteria waivers Phasing of purchases Press releases Staff Reports