Today, the International Monetary Fund stated that Cyprus will probably experience growth in 2015, but warned that its future was abated by increasing faulty loans and the turmoil in the Ukraine, according to reports.
The IMF commented that the nation will need more fiscal endeavors to reach its 4% primary surplus goal by 2018 and referred to a "growth-friendly consolidation", as reported by Kathimerini. The firm stated in a staff report: "While significant progress has been achieved, overcoming the legacy of the crisis will be challenging".
The IMF added, "Risks remain significant, related to the uncertainty about the magnitude and pace of private sector deleveraging and the ability of banks to address NPLs (non-performing loans), as well as to geopolitical tensions of Ukraine-Russia," as reported by Reuters.
- Greek, Italian, French, and Cyprus defense ministers meet in Brussels
- President Sakellaropoulou visits bombed-stricken Bucha, Irpin and Borodyanka in Ukraine
- Cyprus: EuroAsia Interconnector project is up and running
- ECB meets on Cyprus to mull interest rates and inflation
- Deal to swap BMP-1s in Greek arsenal for German-made Marders finalized