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Cyprus

IMF chief lauds Cyprus for economic results

International Monetary Fund (IMF) Managing Director Christine Lagarde congratulated the Cypriot authorities on the favourable economic results achieved under the adjustment programme, during a meeting she had in Washington with Finance Minister Harris Georgiades and Central Bank Governor Chrystalla Georghadji.

IMF mission chief for Cyprus Rachel Van Elkan said in a statement that Lagarde “congratulated the authorities on the favourable economic results achieved under the programme, which include restoring output and employment growth, putting the fiscal accounts in a sustainable position, and fortifying the financial sector.”

“Cyprus’s success was underpinned by an ambitious reform agenda and made possible by the strong ownership for the programme demonstrated by the people of Cyprus. The Managing Director and the Cypriot authorities agreed that the reform momentum should continue in order to extend these favorable developments and further strengthen resilience to economic shocks,” she added.

Georgiades held a series of meetings in Washington, including with Lagarde and other IMF officials, as well as with other officials from various countries and organisations onthe sidelines of the 2016 World Bank-IMF spring meeting.

In statements, Georgiades said that these were his first high-level meetings after the conclusion of the Cypriot programme and that he had the opportunity to reiterate the Cyprus government`s engagement to continue efforts for reforms.

He added that Cyprus was now making a new beginning, with a view to ensuring that its growth policy would be sustainable.
Georgiades noted that his interlocutors expressed satisfaction on the efforts made by Cyprus and the economy`s performance.

He also said that he and Georghadji had the chance to discuss with the IMF officials the challenges and opportunities from a possible settlement of the Cyprus problem, and reunification. (CNA)

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