Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria
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Summary:
This paper discusses Cyprus’ First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria. The program is on track, and ownership by the authorities has improved. Fiscal targets were met with a comfortable margin. All structural benchmarks were also observed, albeit some with a brief delay. The authorities have made important strides to complete the bank resolution process, publish a roadmap to gradually ease payment restrictions, and finalize a restructuring strategy for the cooperative credit sector. However, much remains to be done to fully implement the financial sector restructuring strategy and restore confidence in the system.
Series:
Country Report No. 2013/293
Subject:
Banking Credit External debt Financial institutions Loans Money Public debt Revenue administration
English
Publication Date:
September 18, 2013
ISBN/ISSN:
9781484361054/1934-7685
Stock No:
1CYPEA2013002
Pages:
121
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