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Troika inspects Cyprus

Troika inspects Cyprus

Tags: Cyprus Economy

These days Cyprus is running a regular mission of the "troika" of international creditors of Cyprus (the European Commission, the European Central Bank and the International Monetary Fund) monitoring the economic development of the country after its withdrawal from the financial assistance program in March 2016. This is the fourth post-program mission of the "troika". Experts hold meetings at the Ministry of Finance and the Central Bank of Cyprus.

Recall that the conditions for the early exit of Cyprus from the assistance program provide for such inspections every six months. Last time, foreign technocrats estimated the progress achieved by the country in September of 2017. This practice will be applied until Cyprus repays 75% of its 7,24-billion loan provided by the European Stabilization Mechanism.

According to the Cyprus news agency referring to sources familiar with the situation, the current mission focuses on the evaluation of macroeconomic and fiscal indicators, as well as studying issues related to employment, health, energy and bankruptcy and insolvency law. Experts of the "troika" are interested in the program of reforms in the public sector, tourism development, real estate market and attraction of investments into the economy of Cyprus. In particular, close attention will be paid to issues of the issuance of titles for real estate and taxation.

Following the results of the mission, a brief summary will be presented, and a full report is expected within two months. Next time the "troika" will visit Cyprus in September this year.

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