Cyprus' Financial Assistance Programme (March 2016)

17-03-2016

Cyprus exited the IMF extended fund facility arrangement on 7 March 2016, more than two months before it was set to expire. Cyprus is also to exit the ESM financial assistance programme on 31 March 2016. Against this background, this note provides an overview of the latest economic, fiscal and financial sector developments in Cyprus and recalls the main elements of the above-mentioned programme. This note is an updated version of the briefing provided to the ECON Committee in view of an Economic Dialogue with Harris Georgiades, Minister of Finance of Cyprus, that took place on 25 January 2016.

Cyprus exited the IMF extended fund facility arrangement on 7 March 2016, more than two months before it was set to expire. Cyprus is also to exit the ESM financial assistance programme on 31 March 2016. Against this background, this note provides an overview of the latest economic, fiscal and financial sector developments in Cyprus and recalls the main elements of the above-mentioned programme. This note is an updated version of the briefing provided to the ECON Committee in view of an Economic Dialogue with Harris Georgiades, Minister of Finance of Cyprus, that took place on 25 January 2016.