Cyprus: First Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

International Monetary Fund

No 2017/148, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses the First Post-Program Monitoring Discussions with Cyprus. Cyprus’s economic recovery has continued to strengthen in the 15 months since it exited from the IMF-supported program. Economic growth has been broad based and reached a robust 2.8 percent in 2016, supporting a sharp drop in the unemployment rate. Excluding large one-off imports, the current account deficit continued to narrow and earlier gains in price competitiveness have been preserved. The fiscal primary surplus reached a sizable 2.3 percent of GDP in 2016, supported by reforms undertaken in previous years and improving cyclical conditions. Over the medium term, the pace of growth is expected to gradually ease to just over 2 percent.

Keywords: ISCR; CR; surplus; private sector; debt; public-sector wage bill; authority; IMF staff estimate; Cyprus authorities; debt sustainability profile of the Republic of Cyprus; public sector pension cost; first post-program monitoring; credit institution; Nonperforming loans; Credit; Loans; Debt service; Global (search for similar items in EconPapers)
Pages: 51
Date: 2017-06-08
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=44976 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2017/148

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().