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Mr. Peter S. Heller and Mr. Alan A. Tait

This paper presents a review of the principal issues emerging from an IMF Conference held in March 1983. The special drawing right has been conceived in the 1960s and has been formally provided in the first amendment to the Articles of Agreement of the IMF, which took effect in 1969. Upon the abandonment of the Bretton Woods system of fixed exchange rates and the coming of freedom for the IMF members to adopt the exchange arrangements of their choice, a lack of discipline has been felt in the international monetary system.

International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes labor market institutions and reforms for Cyprus. The paper describes the legal and institutional framework of the Cypriot labor market, and discusses the voluntary framework for negotiations, the degree of unionization and the system of tripartism, the wage setting mechanism, and labor market programs. The paper makes an assessment of the flexibility and efficiency of the Cypriot labor market, and in particular, the wage-setting mechanism. It also examines the trends and developments in the external competitiveness of Cyprus.
International Monetary Fund
This Report on the Observance of Standards and Codes (ROSC) examines Fiscal Transparency for Cyprus. The report reveals that Cyprus has been making major progress in improving fiscal transparency, helped by the government’s efforts to strengthen budget management systems and comply with the European Union acquis communautaire. As a result, the country now fully meets or even exceeds the code’s standards in many areas. The momentum of fiscal management reform efforts should be maintained to meet the requirements of the code in additional areas.
Mariya Brussevich, Ms. Era Dabla-Norris, Christine Kamunge, Pooja Karnane, Salma Khalid, and Ms. Kalpana Kochhar
New technologies?digitalization, artificial intelligence, and machine learning?are changing the way work gets done at an unprecedented rate. Helping people adapt to a fast-changing world of work and ameliorating its deleterious impacts will be the defining challenge of our time. What are the gender implications of this changing nature of work? How vulnerable are women’s jobs to risk of displacement by technology? What policies are needed to ensure that technological change supports a closing, and not a widening, of gender gaps? This SDN finds that women, on average, perform more routine tasks than men across all sectors and occupations?tasks that are most prone to automation. Given the current state of technology, we estimate that 26 million female jobs in 30 countries (28 OECD member countries, Cyprus, and Singapore) are at a high risk of being displaced by technology (i.e., facing higher than 70 percent likelihood of being automated) within the next two decades. Female workers face a higher risk of automation compared to male workers (11 percent of the female workforce, relative to 9 percent of the male workforce), albeit with significant heterogeneity across sectors and countries. Less well-educated and older female workers (aged 40 and above), as well as those in low-skill clerical, service, and sales positions are disproportionately exposed to automation. Extrapolating our results, we find that around 180 million female jobs are at high risk of being displaced globally. Policies are needed to endow women with required skills; close gender gaps in leadership positions; bridge digital gender divide (as ongoing digital transformation could confer greater flexibility in work, benefiting women); ease transitions for older and low-skilled female workers.
International Monetary Fund. European Dept.

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.

International Monetary Fund

This 2004 Article IV Consultation highlights that economic growth in Cyprus has begun to rebound following a more modest performance in 2002–03, recovering in real terms to about 3½ percent in 2004, mainly driven by an increase in domestic demand. Real per capita income has continued to rise, now reaching above 80 percent of the average European Union 25 income level when adjusted for purchasing power. Looking ahead, growth is estimated at close to 4 percent in 2005, reflecting an improved external environment.

International Monetary Fund

This 2006 Article IV Consultation highlights that economic activity in Cyprus has recovered from a relatively weak performance in 2002–03. Declines in interest rates and strong capital inflows associated with Cyprus’s accession to the European Union in May 2004 spurred growth in private consumption and investment while recovering tourist receipts reduced the external drag on the economy. The economy is experiencing rapid credit growth and brisk housing price increases. Total credit to the private sector accelerated recently, with mortgage lending leading the expansion.