Cyprus: Fourth Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria

July 2, 2014

Preview Citation

Format: Chicago

Cyprus: Fourth Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria, (USA: International Monetary Fund, 2014) accessed September 26, 2024

Summary

This paper focuses on Cyprus’ Fourth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Request for Modification of Performance Criteria. The program remains on track. Fiscal targets for the first quarter were met with considerable margins, domestic payment restrictions were fully lifted, and the coop sector was consolidated. The authorities intensified efforts to overcome delays in the implementation of structural measures. There are three key policy challenges: (1) addressing the high level of nonperforming loans; (2) maintaining fiscal sustainability; and (3) strengthening institutions to support fiscal consolidation efforts and long-run growth. Risks to the program remain significant, in particular those related to still strong macro-financial linkages.

Subject: Banking, Credit, Financial institutions, Loans, Money, Nonperforming loans, Public debt, Revenue administration

Keywords: Authority, CR, Credit, Disbursement of SDR, Europe, Global, Government approval, ISCR, Loans, Nonperforming loans, Policy implementation, Privatisation program, Prudent budget execution, Restructuring effort, SDR

Publication Details

Pages:

116
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/180
Stock No:

1CYPEA2014002
ISBN:

9781498349796
ISSN:

1934-7685

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