Press Release:
Staff teams from the European Commission (EC), European Central Bank
(ECB), and International Monetary Fund (IMF) visited Nicosia during
April 28 to May 8 to review Cyprus’s economic reform program. Cyprus’s
program aims to support the economic recovery and job creation by
restoring financial sector stability, strengthening public finances, and
implementing reforms to increase long-run growth.
The teams welcomed the authorities’ continued progress on their
reform program, including the strong improvement in the public finances
and the implementation of important reforms, including
the recent
adoption of modern insolvency and foreclosure legislation. This
legislation is a critical step aiming at reducing the high level of
non-performing loans, which is essential to restoring growth and job
creation in Cyprus. Significant progress towards staff-level agreement
on the review has been made and the teams look forward to a swift
conclusion as soon as all elements of the insolvency and foreclosure
framework are available.
No comments:
Post a Comment