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Sunday, May 31, 2020
Home News The troika returns to Cyprus

The troika returns to Cyprus

A DELEGATION from the International Monetary Fund (IMF), the European Commission (EC), the European Central Bank (ECB) and the European Stability Mechanism (ESM), will visit Cyprus between 25 and 28 September for its third post-programme surveillance following the island’s successful exit from the economic adjustment programme last year.

The troika mission will examine a range of issues relating to the economy, public finances, reforms and the financial sector.

The troika mission will examine the state of the Cypriot economy, public finances and the projections on their progress, the 2018 state budget and structural reforms that are underway.

The structural reforms relate to the implementation of the national health system, the six bills for modernising public administration, local government reform, establishment of a National Investment Fund and the exploitation of state property.

During their contacts with the Central Bank, the troika representatives will focus on the non-performing loans and their restructuring.

The technocrats are expected to meet with the Minister of Finance Harris Georgiades and the Central Bank Governor Chrystalla Georgadji.

Cyprus is now subject to post-programme surveillance until at least 75% of the financial assistance it received as part of the bailout agreement has been repaid.

5 COMMENTS

  1. Why do Troika give so much notice about their return. Unannounced visits would give a more transparent view of the current situation.

  2. A lot depends on ‘how’ they will focus on re-structuring NPL’s and what the desired outcome is?

    That never seems to be transparent to anyone.

  3. Ho goody, another pat on the back.

    I recall in my teaching qualification we started off with something positive to tell the student, then slipped in the bad news we wanted to get across such as. “you really must try harder” and then finished with something good such as “I know you will do better”

    Only to find the student ignored the first two points but remembered “Teacher said I will do better”.

    So when does CoLA start again?

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