Cyprus Mail
Business Cyprus

IMF hails strengthening economic recovery

The International Monetary Fund said Friday it welcomes Cyprus’ economic recovery and the prudent macroeconomic policies, as the island seeks consent for early repayment of part of the bailout loan it received from the IMF.

“We welcome the strengthening economic recovery and generally prudent macroeconomic policies, as reflected in favourable financial market conditions, that have enabled Cyprus to take this step,” Vincenzo Guzzo, IMF’s representative in Cyprus told the Cyprus News Agency.

Finance Minister Harris Georgiades said Thursday the cost of a significant part of the €280m IMF loan was higher than the cost the Republic would incur if it borrowed from international markets, after a drop in yields.

He said there was a difference of 0.5 per cent and therefore it would make sense to repay early part of the loan Cyprus has received by the IMF, in the framework of the adjustment programme.

The cabinet, he added, has authorised him to start consultations with the IMF and the European Support Mechanism to get their consent.



Related posts

Officer fired warning shot during arrest in Limassol

Staff Reporter

Private jet travel recovers to fill flights gap

Reuters News Service

Turkey: Countdown to balance of payments crisis

Andrew Rosenbaum

Cyprus ‘Passports for investment’ distorts real estate market – NCH Capital

Andrew Rosenbaum

Coronavirus: hunters plan to protest over ‘superficial Covid decisions’

Nick Theodoulou

Seeking dialogue with Turkey should not be mistaken for weakness, Anastasiades says

George Psyllides

4 comments

Comments are closed.