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IMF to visit Cyprus

A delegation from the International Monetary Fund (IMF) will visit Cyprus next week for talks to evaluate the economy of the country following the island’s successful conclusion of its economic adjustment programme.

ACCORDING to sources at the Ministry of Finance, a delegation from the International Monetary Fund (IMF) will visit Cyprus next week for its first post-programme surveillance following the island’s successful exit from the economic adjustment programme last year.

Speaking to the Cyprus News Agency (CNA) Andreas Adriano, Senior Press Office of the Fund, said “This is a closer following of a country after the programme has expired, and while the country still has a substantial credit outstanding with the Fund.”

According to IMF, the enhanced monitoring is intended to ensure the continued viability of a country’s economic framework and provide early warning of policies that could jeopardize the country’s capacity to repay the IMF.

Should it become necessary, IMF staff will advise on policy actions to correct macroeconomic imbalances.

During their weeklong visit the IMF delegation will hold talks with officials on issues concerning the Cyprus economy, including the impact of recent government decisions such as the abolition of Immovable Property Tax. It’s expected they will also meet with Finance Minister Harris Georgiades.

The IMF team is expected to issue a report following the completion of their visit.

A post-programme surveillance mission by the European Commission (EC) and the European Central Bank (ECB) last year urged Cyprus to accelerate the reform programme in a number of key areas including setting up a sustainable and efficient title deeds transfer system (which was described as ‘dysfunctional’.)

Readers' comments

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  • Grant Bannister says:

    Being one of the few who bothered paying their IPT bills will I get back what I have paid or will the vast majority who did not pay have to pay what they still owe??

    Ed: The vast majority of taxpayers have paid their IPT and those who have not paid will be pursued by placing a charge on their properties that prevents those properties being sold (transferred) until the debt has been repaid.

    If you have paid your IPT bills, I don’t understand why you believe you will get back what you paid?

  • Phil says:

    Questions in the palace:

    Q Does anyone know where the Red carpet is?
    A No we have not used it for such a long time and its only used for state visits.

    Q Does anyone know where the cooked books are?
    A I think the finance minister has them.

    Q Does nyone know why they are here for such a long time, a week?
    A We understand that the weather is due to improve and that they (IMF team) have booked hire cars and have been asking question about Ayia Napa.

    Q Who have they booked the hire cars with? dont forget my cousin he will give them a great deal.
    A We think they have already booked them with easyjet who gave them a good deal.

    Q Easyjet who the hell are they?
    A They have planes and fly into Cyprus from other EU countries but mainly from the UK

    Book me a flight with Easyjet for next week I need a break!!!

  • Deanna says:

    Hope they put pressure on Banks et al in respect of those NPLs which account for most of the debt.

    I look forward to reading the report.

  • Mike says:

    …”Should it become necessary, IMF staff will advise on policy actions to correct macroeconomic imbalances”.

    Do they seriously think we will take any notice of any advice that does not go along with what we want to do. The only way to lead us is to find out which direction we are going in then walk in front of us. Other than that an exercise in futility I fear.

  • steve r says:

    Didn’t hear much about the abolition of IPT. Does anybody have the link and has it been passed.
    Thanks

    Ed: Please refer to my article Cyprus property taxes in 2017.

  • CostasApacket says:

    Take a people who think they know best, when it’s clear that they don’t have a clue.

    Add to this the stubbornness of a Donkey and the tendency to shun any sensible advice.

    Throw in the many vested interest that would be affected by doing things properly to international standards, and what do you get?

    You’ve already guessed haven’t you?

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