IMF representatives start today consultations with the government of Cyprus, focusing on the reduction of excessive private and public debt and the management of non-performing loans.
Article IV Consultations are an established practice taking place every two years. This year’s consultations will conclude on October 4, 2017.
Speaking to CNA, IMF Resident Representative Vincenzo Guzzo said that that “this is a regular visit to member countries, during which staff engages with government and central bank officials in discussions about risks to domestic and global stability”.
He added that IMF staff will review the recent developments, the medium-term growth prospects and the risks surrounding the economic outlook. Moreover, they will hold discussions with the country authorities on financial and fiscal policies as well as on structural reforms.
The focus of the mission will be on approaches to reducing excessive private and public debt as well as managing non-performing loans, which are critical priorities for Cyprus, Guzzo said.
The IMF Resident Representative said the visit will conclude on October 4 and a statement will be issued afterwards. During part of their mission, IMF staff will collaborate with European institutions on post-program surveillance, he concluded.
As CNA reported, representatives of the International Monetary Fund (IMF), the European Commission, the European Central Bank and the European Stability Mechanism (ESM), will be in Cyprus between 25 and 28 September in the framework of the post-program surveillance.