Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria

International Monetary Fund

No 2013/293, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; HIPC inflation; US House of Representatives; trusts law; banking sector law; Resolution law; banking sector strategy; executive board discussion; revenue administration reform; Credit; Loans; Europe (search for similar items in EconPapers)
Pages: 121
Date: 2013-09-18
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Citations: View citations in EconPapers (7)

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