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Cyprus’ lenders begin 14th post-programme surveillance mission

20/03/2023 10:49

Cyprus’ lenders, the European Commission, the ECB and the International Monetary Fund begin on Monday the 14th post-programme surveillance of the Cypriot economy, the Ministry of Finance said in a press release.

According to the Ministry, the surveillance, which will conclude on March 22, will assess Cyprus’ economic, fiscal and financial performance.

In this context, the mission of the EC, the ECB and the IMF will hold meetings with the Cypriot authorities, discussing issues relating to fiscal and financial concern, as well as broader issues such as the labour market, tourism and health.

According to the Ministry, in view of the situation to do with the continued Russian invasion of Ukraine and relevant sanctions against Russia, the post-proramme surveillance will discuss the impact on the Cypriot economy.

Cyprus exited from its financial assistance programme in March 2016 after receiving €7.3 billion (€6.3 bl from the ESM and €1 bl from the IMF) which was lower than the initial financial assistance package. Post-programme surveillance missions will continue on a bi-annual basis until Cyprus repays 75% of the financial assistance. On February 2020 Cyprus repaid the assistance by the IMF in full with the loan by the ESM pending.