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Cyprus

WB and IMF to assist in securing a sustainable economy post settlement

Constantinos Petrides

The World Bank and the International Monetary Fund want to provide Cyprus with technical assistance, with a view to secure sustainable public finances in a unified economy following a settlement, Undersecretary to the President Constantinos Petrides told CNA.

Petrides held separate meetings with, Cyril Muller, the World Bank’s Vice President for Europe and Central Asia, as well as with Poul Thomsen, the IMF’s European Department chief.

“We discussed the involvement of both organisations in carrying out studies as part of a preparation for a solution to the Cyprus problem, with a view to secure the sustainability of the public finances but also a functional unified economy,” Petrides told CNA from Washington DC.

“As technical expertise and scientific input are needed, we discussed the prospects for cooperation with the two institutions on these issues,” he added.

Petrides pointed out that “both institutions realise the importance of the prospects for a solution to the Cyprus problem and wish to assist us on this issue,” adding that both the World Bank and the IMF will provide technical assistance.

In its September staff report for Cyprus, the IMF refers to prospects for a solution to the Cyprus problem and the reunification of the island.

The Fund however, points out that “while it is too early to assess how the process will unfold or its implications for policies, reunification could boost investment and trade in Cyprus, benefiting long-run economic growth.”

The Undersecretary said that technical missions from the World Bank and the IMF will visit the island at a later stage.

Petrides will continue contacts in Washington with meetings with US administration officials.

He noted that the meetings with US officials are taking place in the context of a bilateral dialogue on issues concerning mainly the prospects for cooperation between the USA and Cyprus, growth, investment and the economy in general.

 

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