LEADER 07216oam 22014294 450 001 9910818789203321 005 20240402023915.0 010 $a1-4843-9926-9 010 $a1-4843-4478-2 010 $a1-4843-9473-9 035 $a(CKB)2550000001136116 035 $a(EBL)1588185 035 $a(SSID)ssj0001155401 035 $a(PQKBManifestationID)11655143 035 $a(PQKBTitleCode)TC0001155401 035 $a(PQKBWorkID)11178980 035 $a(PQKB)11636775 035 $a(MiAaPQ)EBC1588185 035 $a(Au-PeEL)EBL1588185 035 $a(CaPaEBR)ebr10788218 035 $a(CaONFJC)MIL535819 035 $a(OCoLC)876510823 035 $a(IMF)1CYPEE2013002 035 $a(IMF)1CYPEA2013002 035 $a(EXLCZ)992550000001136116 100 $a20020129d2013 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCyprus : $eFirst Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2013. 215 $a1 online resource (122 p.) 225 1 $aIMF Staff Country Reports 300 $a"September 2013." 311 $a1-4843-6105-9 311 $a1-306-04568-1 327 $aCover; CONTENTS; BACKGROUND; RECENT ECONOMIC DEVELOPMENTS; STRATEGY; POLICY DISCUSSIONS; A. Macroeconomic Outlook and Risks; BOXES; 1. A Sectoral Model of Growth; B. Debt Sustainability; C. Financial Sector Policy; 2. Assessment of Capital Needs for BoC; 3. Roadmap for the Relaxation of Administrative Measures and Capital Controls; 4. Private Sector Indebtedness; 5 Recent AML Audit Findings; D. Fiscal Policy; E. Structural Fiscal Reforms; PROGRAM MODALITIES, FINANCING AND RISKS; STAFF APPRAISAL; FIGURES; 1. Recent Developments; 2. Labor Market; 3. External Indicators 327 $a4. Recent Fiscal Developments 5. Financial Sector Developments; 6. Public Debt Sustainability: Bound Tests; 7. External Debt Sustainability: Bound Tests; TABLES; 1. Selected Economic Indicators and Macroeconomic Framework, 2008-20; 2. Fiscal Developments and Projections, 2008-20; 3. Calculation of Gross Financing Requirements and Sources of Financing; 4. Balance of Payments, 2008-20; 5. External Financing Requirements and Sources, 2012-20; 6. Monetary Survey, 2008-13; 7. Indicators of Fund Credit, 2012-20; 8. Schedule of Review and Purchases 327 $a9. Public Sector Debt Sustainability Framework, 2007-2010. External Debt Sustainability Framework, 2008-20; ANNEX; 1. Sensitivity of Program Financing and Debt to Growth; APPENDIX; 1. Letter of Intent; Attachment 1. Memorandum of Economic and Financial Policies; Attachment 2. Technical Memorandum of Understanding; Attachment 3. Memorandum of Understanding on Specific Economic Policy Conditionality (European Commission); FIRST REVIEW UNDER THE EXTENDED ARRANGEMENT UNDER THE EXTENDED FUND FACILITY AND REQUEST FOR MODIFICATION OF PERFORMANCE CRITERIA- SUPPLEMENTARY INFORMATION 327 $aFigure 1. Composition of Growth IMF Completes First Review Under Extended Fund Facility Arrangement for Cyprus and Approves ?84.7 Million Disbursement; Statement by Mr. Menno Snel, Executive Director for Cyprus, and Mr. Ektoras Kanaris, Advisor to the Executive Director September 16, 2013; Programme implementation on track; Economic developments; Going forward; Conclusion 330 3 $aThis paper discusses Cyprus? First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria. The program is on track, and ownership by the authorities has improved. Fiscal targets were met with a comfortable margin. All structural benchmarks were also observed, albeit some with a brief delay. The authorities have made important strides to complete the bank resolution process, publish a roadmap to gradually ease payment restrictions, and finalize a restructuring strategy for the cooperative credit sector. However, much remains to be done to fully implement the financial sector restructuring strategy and restore confidence in the system. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2013/293 606 $aEconomic development$zCyprus 606 $aBanks and Banking$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aIndustries: Financial Services$2imf 606 $aExports and Imports$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aBanking$2imf 606 $aPublic finance & taxation$2imf 606 $aMonetary economics$2imf 606 $aFinance$2imf 606 $aInternational economics$2imf 606 $aPublic debt$2imf 606 $aCredit$2imf 606 $aLoans$2imf 606 $aRevenue administration$2imf 606 $aMoney$2imf 606 $aFinancial institutions$2imf 606 $aExternal debt$2imf 606 $aBanks and banking$2imf 606 $aDebts, Public$2imf 606 $aRevenue$2imf 606 $aDebts, External$2imf 607 $aCyprus$xEconomic conditions 607 $aCyprus$2imf 615 0$aEconomic development 615 7$aBanks and Banking 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aIndustries: Financial Services 615 7$aExports and Imports 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aInternational Lending and Debt Problems 615 7$aBanking 615 7$aPublic finance & taxation 615 7$aMonetary economics 615 7$aFinance 615 7$aInternational economics 615 7$aPublic debt 615 7$aCredit 615 7$aLoans 615 7$aRevenue administration 615 7$aMoney 615 7$aFinancial institutions 615 7$aExternal debt 615 7$aBanks and banking 615 7$aDebts, Public 615 7$aRevenue 615 7$aDebts, External 676 $a332.1/52 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910818789203321 996 $aCyprus$9684414 997 $aUNINA