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Cyprus

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  • International Monetary Fund. European Dept.
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    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=40950
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Staff Country Reports with number 13/293.

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    Length: 121
    Date of creation: 18 Sep 2013
    Date of revision:
    Handle: RePEc:imf:imfscr:13/293

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    Related research

    Keywords: Extended Fund Facility; Fiscal policy; Fiscal consolidation; Debt sustainability; Fiscal reforms; Banking sector; Bank restructuring; Bank supervision; Economic indicators; Letters of Intent; Staff Reports; Press releases; Cyprus; central bank; public debt; external debt; current account; public debt management; government debt; debt restructuring; public sector debt; balance of payments; private debt; budget law; public finances; debt dynamics; budget systems; private sector indebtedness; external debt sustainability; debt exchange; current account deficit; domestic debt; current account balance; debt stock; external financing; repayments; short-term debt; debt maturities; debt management unit; payment arrears; external payment; government deficit; debt ratio; debt sustainability analysis; debt management office; domestic currency; long-term debt; debt holder; domestic financing; budget laws; debt holders; stock of debt; external liabilities; sovereign debt; external shocks; private sector debt; external payments;

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