CBC governor attends World Bank and IMF meetings in Morocco

Governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou is participating in the annual meetings of the World Bank and the International Monetary Fund (IMF), taking place this week in the city of Marrakech, Morocco, according to a CBC statement released on Thursday.

The statement explained that this year’s meetings focus on the actions needed to end poverty on a sustainable planet, interconnected global challenges, solutions for developing countries, and the improvement of employment, digital infrastructure, and climate-related initiatives.

What is more, during these meetings, the governor will engage in bilateral discussions with officials from the International Monetary Fund and other international economic bodies to exchange views on domestic and international developments.

It should be noted that the IMF on Wednesday gave Cyprus a positive fiscal outlook, stating that it expects significant primary surpluses and a remarkable reduction in public debt, poised to fall below the Maastricht Treaty’s 60 per cent GDP limit.

According to the IMF’s Fiscal Monitor report, Cyprus is expected to maintain surpluses until 2028, with an average of 1.4 per cent.

However, on Tuesday, the IMF also revised down Cyprus’s 2023 growth forecast to 2.2 per cent from a previous estimate of 2.5 per cent due to various economic factors.

The IMF predicted that Cyprus’s growth rate will reach 2.7 per cent in 2024, slightly below the previous estimate of 2.8 per cent.