This web page presents information about the work of the IMF in Cyprus, including the activities of the IMF Resident Representative Office. Additional information can be found on the Cyprus and IMF country page, including IMF reports and Executive Board documents that deal with Cyprus.
Note: The office closed on May 1, 2019. This page is being maintained for information purposes.
At a Glance: Cyprus and the IMF
- Current IMF membership: 190 countries
- Member since December 21, 1961
- Quota: SDR158.20 million
- Each member country of the IMF is assigned a quota, based broadly on its relative position in the world economy. A member country's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing.
- Cyprus is represented in the Executive Board
- The Executive Board is responsible for conducting the day-to-day business of the IMF. It is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries. The Managing Director serves as its Chairman. The Board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff.
News and Highlights
-
Article by Anita Tuladhar, IMF Deputy Chief, European Department
December 30, 2018
-
IMF: Progress for Cyprus but there is still a long way to go - Kathimerini (in Greek)
Interview with Philip Gerson, IMF Deputy Director, European Department
November 4, 2018
-
“There is No Room for Complacency”
Interview with Alithia (ENG) by Vincenzo Guzzo, IMF Resident Representative in Cyprus
June 18, 2017
-
“Δεν υπάρχει κανένα περιθώριο εφησυχασμού”
Interview with Alithia (GR) by Vincenzo Guzzo, IMF Resident Representative in Cyprus
June 18, 2017
-
The Cyprus Economy - from Recovery to Sustainable Growth
Presentation at the 7th Nicosia Economic Congress, by Vincenzo Guzzo, IMF Resident Representative in Cyprus
April 25, 2017
Cyprus and the IMF
-
Cyprus: Staff Concluding Statement of the 2024 Article IV Mission
March 29, 2024
An International Monetary Fund (IMF) mission met with the Cypriot authorities during March 19–29, 2024 to discuss recent economic developments, the outlook and risks, and policy priorities.
-
September 8, 2023
Series:Country Report No. 2023/325
-
Causes and Implications of Elevated Inflation in Cyprus
July 7, 2023
Author/Editor:Robert C. M. Beyer
Series:Selected Issues Paper No. 2023/042 -
Residential Property Price Developments and (Mis)alignments in Cyprus
July 7, 2023
Author/Editor:Robert C. M. Beyer | Nina Biljanovska
Series:Selected Issues Paper No. 2023/043 -
IMF Executive Board Concludes 2023 Article IV Consultation with Cyprus
June 5, 2023
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Cyprus on a lapse-of-time basis. Cyprus’s economy has been resilient to the fallout from Russia’s invasion of Ukraine. Output grew by 5.6 percent in 2022, as pandemic-affected pent-up demand boosted consumption, tourist arrivals rebounded, and the ICT sector expanded. Employment recovered and unemployment dropped to a post-Cyprus-financial-crisis low. However, high energy prices contributed to inflation and a larger current account deficit. The fiscal surplus reached 2.3 percent of GDP and public debt declined strongly. Liquidity and capital adequacy ratios in the banking sector have remained high, and profitability improved. Private sector deleveraging continues to be hindered by the slow resolution of legacy non-performing loans (NPLs).
Latest on Europe
April 19, 2024
A soft landing for Europe’s economies is within reach. Securing the baseline of growth with price stability will require careful monetary policy calibration. Faster fiscal consolidation would ensure buffers are adequate to tackle future shocks, while structural fiscal reforms would help address mounting long-term expenditure pressures. Beyond the near-term recovery, raising potential growth prospects calls for efforts at both the domestic and European levels. Measures should aim to raise labor force participation, prepare the workforce for looming structural shifts, set an enabling environment for private investment, and promote innovation on a level European playing field—especially when it comes to the green transition, including through a strong commitment to carbon pricing. Greater European integration would amplify the effect of these reforms. Formulating an ambitious set of growth-enhancing reforms should be a key priority of a new EU commission.
Read the Report