Warning
  • JUser: :_load: Unable to load user with ID: 165
Log in
A+ A A-

IMF Releases Cypriot Reform Review

  • Written by 

The International Monetary Fund (IMF) released its fifth, sixth, and seventh reviews on Cyprus' reform program.

The IMF believes that while the nation made concrete strides, the reform pace must be kept in the midst of a challenging political atmosphere.  In the report, IMF First Deputy Managing Director David Lipton stated, "Cyprus' Fund-supported reform program continues to produce positive results. Economic and fiscal outcomes have been better-than-expected, with growth turning positive in the first quarter of 2015 and public finances exceeding targets."

Lipton added, "Liquidity and solvency in the banking system have improved, allowing the elimination of external payment restrictions. Going forward, it will be important to maintain the reform momentum and strong program ownership," as reported by Parikiaki.

The IMF's Cypriot assessment also noted, "Going forward, it will be crucial that vested interests and reform fatigue do not derail the reform efforts. Otherwise, this could threaten the recovery and the consolidation of financial stability, and hinder Cyprus's efforts to raise a trajectory of slow growth." The analysis also discussed the nation's non-performing loans (NPL), banking protocols, tourism, and fiscal issues.