Cyprus : : Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria—Staff Report-press Release; and Statement by the Executive Director

• Record Nr.: UNINA9910791042903321
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2014
• ISBN: 1-4755-3712-3; 1-4843-4778-1; 1-4843-4784-6
• Descrizione fisica: 1 online resource (130 p.)
• Collana: IMF Staff Country Reports
• Disciplina: 338.9
• Soggetti: Economic development - Cyprus; Economic indicators - Cyprus; Fiscal policy - Cyprus; Structural adjustment (Economic policy) - Cyprus; Banks and Banking; Macroeconomics; Money and Monetary Policy; Public Finance; Industries: Financial Services; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Taxation, Subsidies, and Revenue: General; Debt; Debt Management; Sovereign Debt; Macroeconomics: Consumption; Saving; Wealth; Institutions and the Macroeconomy; Banking; Public finance & taxation; Monetary economics; Finance; Credit; Revenue administration; Public debt; Loans; Money; Nonperforming loans; Financial institutions; Banks and banking; Revenue; Debts, Public; Cyprus
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di contenuto: Cover; CONTENTS; BACKGROUND; RECENT ECONOMIC DEVELOPMENTS; FIGURES; 1. Recent Economic Developments; 2. Labor Market; 3. External Indicators; 4. Recent Fiscal Developments; 5. Financial Sector Developments; MACROECONOMIC OUTLOOK; BOXES; 1. A Credit-less Recovery?; POLICY DISCUSSIONS; A. Financial Sector Policy-Addressing NPLs and Normalizing Payment Flows; 2. Cooperative Credit Sector Restructuring Strategy; 3. Private Sector Debt Restructuring: Main Issues; B. Fiscal Policy-Maintaining Fiscal Prudence; C. Structural Fiscal Reforms-Stepping-Up the Reform Momentum; PROGRAM MODALITIES AND FINANCINGSTAFF APPRAISAL; 6. External Debt Sustainability: Bound Tests; 7. Public Debt Sustainability Analysis: Risk Assessment; 8. Public Debt Sustainability Analysis: Realism of Baseline Assumptions; 9. Public Sector Debt Sustainability Analysis: Baseline Scenario; 10. Public Debt Sustainability Analysis: Composition of Public Debt and Alternative Scenarios; 11. Public Debt Sustainability Analysis: Stress Tests; TABLES; 1. Selected Economic Indicators, 2008-20; 2. Fiscal Developments and Projections, 2008-20; 3. Calculation of Gross Financing Requirements and Sources of Financing, 2013-174. Balance of Payments, 2008-20; 5. External Financing Requirements and Sources, 2012-2020; 6. Monetary Survey, 2008-20; 7. Indicators of Fund Credit, 2010-20; 8. Schedule of Reviews and Purchases; 9. External Debt Sustainability Framework, 2008-2020; 10. Restrictive Measures on Transactions; 11. Selected Reforms: Measures Completed; 12. MEFP Commitments; 13. Conditionality for the Third Review; APPENDIX; 1. Letter of Intent; Attachments; 1. Memorandum of Economic and Financial Policies; 2. Technical Memorandum of Understanding3. Memorandum of Understanding on Specific Economic Policy Conditionality (European Commission)
• Sommario/riassunto: Cyprus’s Third Review Under the Extended Arrangement Under the Extended Fund Facility focuses on strong ownership and implementation of its program. Despite the difficult environment in which the authorities operate, the political commitment remains strong while every effort is being made to maintain strong social cohesion. Steadfast implementation has produced tangible results with ; indications that the healing process is already under way. Although a difficult adjustment is still ahead, with the guidance of EU and IMF staff, Cyprus has placed itself in a good position to continue along the agreed path.