Cyprus’ international lenders begin 14th post-programme review

11:31 - 20 March 2023

Economy

Cyprus’ international lenders – the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) – begin their 14th post-programme surveillance of the Cypriot economy on Monday.

According to a Finance Ministry announcement, the surveillance, which will conclude on 22 March, will assess Cyprus’ economic, fiscal and financial performance.

To this end, the mission – aka the Troika – will hold meetings with the Cypriot authorities, discussing issues relating to fiscal and financial concern, as well as broader issues such as the labour market, tourism and health. It will also discuss the impact of Russia’s invasion of Ukraine and the continuing sanctions on the Cyprus economy.

According to the Ministry, in view of the situation to do with the continued Russian invasion of Ukraine and relevant sanctions against Russia, the post-proramme surveillance will discuss the impact on the Cypriot economy.

Cyprus exited from its financial assistance programme in March 2016 after receiving €7.3 billion (€6.3b from the European Stability Mechanism and €1b from the IMF). Post-programme surveillance missions will continue on a bi-annual basis until Cyprus repays 75% of the financial assistance. Cyprus repaid the assistance by the IMF in full in February 2020, with the loan by the ESM still pending.

Cyprus’ international lenders begin 14th post-programme review

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