Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria
IMF Staff Country Reports, September 18, 2013
Source details
- Canonical URL
- Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria
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Bibliographic details
- Published: September 18, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484361054.002
Program status and ownership
- The program is on track.
- Ownership by the authorities has improved.
Fiscal performance
- Fiscal targets were met with a comfortable margin.
Structural benchmarks and implementation
- All structural benchmarks were observed.
- Some structural benchmarks were observed with a brief delay.
Financial sector actions and reforms
- Authorities have made important strides to complete the bank resolution process.
- Authorities have published a roadmap to gradually ease payment restrictions.
- Authorities have finalized a restructuring strategy for the cooperative credit sector.
Remaining challenges and policy implications
- Much remains to be done to fully implement the financial sector restructuring strategy.
- Restoring confidence in the financial system remains an outstanding task.
Subject coverage and keywords
- Subjects: Banking, Credit, External debt, Financial institutions, Loans, Money, Public debt, Revenue administration
- Keywords: banking sector law, banking sector strategy, CR, Credit, Europe, executive board discussion, HIPC inflation, ISCR, Loans, Resolution law, revenue administration reform, trusts law, US House of Representatives
Content in this bundle
- _cr13293 — Executive Summary and Key Findings