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Cyprus: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Cyprus
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2009: Issue 255
Language:
English
Publication Date:
14 Aug 2009
DOI:
https://doi.org/10.5089/9781451809978.002
ISBN:
9781451809978
ISSN:
1934-7685
Pages:
49
Keywords:
ISCR; CR; authority; economy; cooperative; currency; article IV consultation mission; liability positions vis-à-vis nonresident; IMF staff estimate; healthcare reform; budget deficit; banks to the ECB liquidity facility; central government; EMU entry; current account; Financial sector; Commercial banks; Loans; Global
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This 2009 Article IV Consultation highlights that despite its resilience so far, the economy of Cyprus is slowing down and risks are increasing. The expected slowdown will increase credit risk in banks, which, in some plausible but unlikely extreme scenarios, could have systemic implications given the size and concentration of the banking sector. Executive Directors have endorsed the government’s objective to achieve a balanced budget over the medium term. Directors have also recommended the adoption of a medium-term budget framework and more effective management of public sector liabilities.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund