Cyprus : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. European Dept.

Series:

IMF Staff Country Reports; Country Report ; No. 2018/337

IMF Staff Country Reports

Language:

English

Subjects (All):

Cyprus--Economic conditions.

Cyprus.

Physical Description:

1 online resource (81 pages).

Place of Publication:

Washington, D.C. : International Monetary Fund, 2018.

Summary:

Cyprus is recovering strongly from the 2012–13 crisis. GDP growth is projected to remain above 4 percent in 2018–19, buoyed by services and foreign-financed construction. Unemployment is rapidly declining while large fiscal primary surpluses are putting public debt back on a declining path. Nevertheless, crisis legacies continue to weigh on the banking system. In early 2018, difficulties in the Cyprus Cooperative Bank led the authorities to intervene, albeit at a significant fiscal cost. In the process, a package of legislative measures strengthening the insolvency and foreclosure regime was also approved, which is now catalyzing the cleanup of bank balance sheets. These developments have led to a sovereign ratings upgrade, restoring Cyprus’s investment grade status.

Notes:

Description based on print version record.

ISBN:

9781484387351

148438735X

9781484387412

1484387414