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Cyprus: 2010 Article IV Consultation: Staff Report; Staff Statement; 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 2010: Issue 291
Language:
English
Publication Date:
15 Sep 2010
DOI:
https://doi.org/10.5089/9781455206414.002
ISBN:
9781455206414
ISSN:
1934-7685
Pages:
53
Keywords:
ISCR; CR; delinquency rate; HICP inflation; credit society; HICP; staff appraisal; Cypriot bank; Commercial banks; Nonperforming loans; Loans; Global
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Economic conditions have stabilized, and the economy is projected to bottom out in 2010, giving way to a mild recovery in 2011 followed by stronger growth. The foremost policy challenge is to achieve the official fiscal consolidation targets so as to put debt ratios on a declining path and provide more space to guard against risks to the financial sector. Further old-age pension reform is also essential. Structural reforms are needed to preserve competitiveness and enhance medium-term growth. The government largely shared the IMF staff’s assessment.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund