LEADER 04543nam 2200697 450 001 9910458731803321 005 20200520144314.0 010 $a1-4983-4944-7 010 $a1-4983-6508-6 010 $a1-4983-6303-2 035 $a(CKB)2550000001341544 035 $a(EBL)1760101 035 $a(SSID)ssj0001399017 035 $a(PQKBManifestationID)11810258 035 $a(PQKBTitleCode)TC0001399017 035 $a(PQKBWorkID)11450291 035 $a(PQKB)10671814 035 $a(MiAaPQ)EBC1760101 035 $a(Au-PeEL)EBL1760101 035 $a(CaPaEBR)ebr10904750 035 $a(CaONFJC)MIL634089 035 $a(OCoLC)886115071 035 $a(EXLCZ)992550000001341544 100 $a20140816h20142014 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 00$aCyprus $efourth review under the extended arrangement under the extended fund facility and request for modification of performance criteria-staff report; press release; and statement by the Executive Director for Cyprus 210 1$aWashington, District of Columbia :$cInternational Monetary Fund,$d2014. 210 4$dİ2014 215 $a1 online resource (117 p.) 225 0 $aIMF Country Reports ;$v14/180 300 $aDescription based upon print version of record. 311 $a1-4983-4979-X 311 $a1-322-02838-9 327 $aCover; CONTENTS; BACKGROUND; RECENT ECONOMIC DEVELOPMENTS; FIGURES; 1. High Frequency Indicators; 2. Employment and Inflation Developments; 3. External Indicators; 4. Recent Fiscal Developments; 5. Financial Sector Developments; MACROECONOMIC OUTLOOK; BOXES; 1. The Household Saving Rate in Cyprus; POLICY DISCUSSIONS; A. Financial Sector Policy: Tackling NPLs and Safeguarding Stability; 2. Challenges in Dealing with NPLs; B. Fiscal Policy: Maintaining Sustainability; C. Fiscal Structural Reforms: Strengthening Institutions; 3. Cyprus's Social Welfare Reform; PROGRAM MODALITIES AND FINANCING 327 $aSTAFF 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, 2013-17 327 $a4. Balance of Payments, 2008-205. External Financing Requirements and Sources, 2012-20; 6. Monetary Survey, 2008-20; 7. Indicators of Fund Credit, 2012-20; 8. Schedule of Reviews and Purchases; 9. External Debt Sustainability Framework, 2009-21; 10. Restrictive Measures on Transactions; 11. Selected Reforms-Measures Completed; 12. MEFP Commitments; 13. Conditionality for the Fourth Review; APPENDIX; I. Letter of Intent; ATTACHMENTS; I. Memorandum of Economic and Financial Policies; II. Technical Memorandum of Understanding 327 $aIII. Memorandum of Understanding on Specific Economic Policy Conditionality (European Commission) 330 $aThis paper focuses on Cyprus Fourth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Request for Modification of Performance Criteria. The program remains on track. Fiscal targets for the first quarter were met with considerable margins, domestic payment restrictions were fully lifted, and the coop sector was consolidated. The authorities intensified efforts to overcome delays in the implementation of structural measures. There are three key policy challenges: (1) addressing the high level of nonperforming loans; (2) maintaining fiscal sustainability; and (3) 410 0$aIMF Staff Country Reports 606 $aEconomic development$zCyprus 606 $aFiscal policy$zCyprus 606 $aStructural adjustment (Economic policy)$zCyprus 606 $aEconomic indicators$zCyprus 607 $aCyprus$xEconomic conditions 608 $aElectronic books. 615 0$aEconomic development 615 0$aFiscal policy 615 0$aStructural adjustment (Economic policy) 615 0$aEconomic indicators 676 $a330.9564504 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910458731803321 996 $aCyprus$9684414 997 $aUNINA