14/01/2016 20:15
The economy of Cyprus is a success story, according to international creditors.
The head of the European Support Mechanism Klaus Regling reminded that upon completion of the eighth review of its economic adjustment program, Cyprus stands to draw €275 mn from the ESM and another €125 mn from the International Monetary Fund.
"We are working on the basis of the scenario that the three prior actions will be completed" he said.
He also noted that the fact, that Cyprus has drawn only €6.6bn of the €9bn allocated to the program and did not need additional funds, “is indicative of the state of the economy and that Cyprus is a success story”.
At the same time, the fulfillment of the three prerequisites is crucial for the eighth evaluation of the Cypriot adjustment program to be endorsed by the Eurogroup.
EU economic affairs commissioner Pierre Moskovisi, in his statements after the meeting of the Eurogroup, noted that the last three prior actions or reforms to be carried out by Cyprus were of major significance.
Moreover, the president of the Eurogroup Jeroen Dijsselbloem, said that Cyprus is doing particularly well and has implemented the program with lots of ownership”.
He noted that "the program ends at the end of March, and therefore next month we will come back to the three open issues to see where we are there”.
Mr. Dijsselbloem praised the state of the Cypriot economy. However he explained that, "three or two others, prerequisites" are still to be completed, in order to cover agreed reforms.
The head of the European Support Mechanism Klaus Regling reminded that upon completion of the eighth review of its economic adjustment program, Cyprus stands to draw €275 mn from the ESM and another €125 mn from the International Monetary Fund.
"We are working on the basis of the scenario that the three prior actions will be completed" he said.
He also noted that the fact, that Cyprus has drawn only €6.6bn of the €9bn allocated to the program and did not need additional funds, “is indicative of the state of the economy and that Cyprus is a success story”.
At the same time, the fulfillment of the three prerequisites is crucial for the eighth evaluation of the Cypriot adjustment program to be endorsed by the Eurogroup.
EU economic affairs commissioner Pierre Moskovisi, in his statements after the meeting of the Eurogroup, noted that the last three prior actions or reforms to be carried out by Cyprus were of major significance.
Moreover, the president of the Eurogroup Jeroen Dijsselbloem, said that Cyprus is doing particularly well and has implemented the program with lots of ownership”.
He noted that "the program ends at the end of March, and therefore next month we will come back to the three open issues to see where we are there”.
Mr. Dijsselbloem praised the state of the Cypriot economy. However he explained that, "three or two others, prerequisites" are still to be completed, in order to cover agreed reforms.