Suchergebnisse

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- REPORT ON THE DISCUSSIONS -- A. Outlook and Risks -- B. Financial Policies -- C. Fiscal Sector -- D. Structural Reforms -- STAFF APPRAISAL -- BOX -- 1. The Sale of the Cyprus Cooperative Bank (CCB) -- FIGURES -- 1. Macroeconomic Performance -- 2. Inflation and Labor Market -- 3. External Indicators -- 4. Credit and Balance Sheets -- 5. Banking Sector -- 6. Housing Market -- 7. Fiscal Developments -- 8. Competitiveness and Business Climate Developments -- 9. Growth Inclusiveness Indicators -- TABLES -- 1. Selected Economic Indicators, 2015-23 -- 2. Fiscal Developments and Projections, 2015-23 -- 3. General Government Financing Requirements and Sources, 2018-23 -- 4. Balance of Payments, 2015-23 -- 5. External Financing Requirements and Sources, 2015-23 -- 6. Monetary Indicators, 2010-17 -- 7. Financial Soundness Indicators, 2010-17 -- 8. Indicators of Fund Credit, 2013-26 -- ANNEXES -- I. Authorities' Response to Past Policy Recommendations -- II. External Sector Assessment -- III. Risk Assessment Matrix -- IV. Debt Sustainability Analysis -- V. Evolution of NPLs -- VI. Regulatory Framework for the Sales of Non-Performing Loans in Cyprus -- VII. Potential Fiscal Impact of the Rollout of the National Health System -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

A look at 2003 political developments in Cyprus begins with a brief chronicle of the Greek-Turkish conflict since 1963. The presidential elections for the Greek Cypriots complicated adherence to the timetable established for negotiations in early 2003; the maneuvering of outgoing President Glafcos Clerides, who decided to run for a third time believing he had the experience to handle the negotiations, caused quite a stir. He lost & some observations are offered on the new government. Attention turns to Turkish Cypriot parliamentary elections, which resulted in reunification negotiations being put off. Said negotiations look to form a new state prior to Cyprus' accession to the EU on 1 May 2004. 6 Tables. J. Zendejas

Analyzes election results and cabinet changes in Cyprus during 2004. Tables, References.

EXECUTIVE SUMMARYExtended Arrangement: On May 15, 2013, the Executive Board approved a three-yearExtended Arrangement under the Extended Fund Facility in the amount of SDR 891 million (563 percent of quota; about ?1 billion). Three purchases of amounts equivalent to SDR 74.25 million (about ?86 million) each have been made so far, and another purchase of the same amount is proposed to be released upon completion of the third review. The European Stability Mechanism has released ?4.6 billion of ?9 billion committed, with a disbursement of ?150 million expected in early April.Recent Economic Dev

EXECUTIVE SUMMARY Economic developments have been encouraging. The recession in 2014 was milder than expected and GDP growth was positive in the first quarter of 2015 for the first time in almost four years. The fiscal outturns have exceeded program projections by a large margin. Liquidity and solvency in the banking system have improved, allowing the removal of all external payment restrictions. Program performance has been generally strong. Compliance with quantitative conditionality has been good and the authorities have advanced structural reforms. The reviews were held up by delays in est