Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Nicosia during April 28 to May 8 to review Cyprus’s economic reform program. Cyprus’s program aims to support the economic recovery and job creation by restoring financial sector stability, strengthening public finances, and implementing reforms to increase long-run growth.

The teams welcomed the authorities’ continued progress on their reform program, including the strong improvement in the public finances and the implementation of important reforms, including the recent adoption of modern insolvency and foreclosure legislation. This legislation is a critical step aiming at reducing the high level of non-performing loans, which is essential to restoring growth and job creation in Cyprus. Significant progress towards staff-level agreement on the review has been made and the teams look forward to a swift conclusion as soon as all elements of the insolvency and foreclosure framework are available.