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Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2013. "Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria," IMF Staff Country Reports 2013/293, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2013/293
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    Citations

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    Cited by:

    1. Aris Spanos & Niki Papadopoulou, 2013. "A Small Macroeconometric Model for the Cyprus Economy," Working Papers 2013-2, Central Bank of Cyprus.
    2. Gikas A. Hardouvelis & Ioannis Gkionis, 2016. "A Decade Long Economic Crisis: Cyprus versus Greece," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 10(2), pages 3-40, December.
    3. Athanasios O. Tagkalakis, 2013. "The output effects of systematic and non-systematic fiscal policy changes in Greece," Economics Bulletin, AccessEcon, vol. 33(3), pages 1816-1831.
    4. Prein, Timm M. & Scholl, Almuth, 2021. "The impact of bailouts on political turnover and sovereign default risk," Journal of Economic Dynamics and Control, Elsevier, vol. 124(C).
    5. Bénédicte Coestier, 2015. "Jordan and the Middle-Income Growth Trap: Arab Springs and Institutional Changes," EconomiX Working Papers 2015-8, University of Paris Nanterre, EconomiX.
    6. Scott Urban, 2014. "Policy Options for the Euro: Heterodoxy Ahead," Journal of Common Market Studies, Wiley Blackwell, vol. 52(4), pages 742-757, July.

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