IMF mission to visit Cyprus for its first Post-Program Monitoring

An IMF delegation will visit Cyprus next week for its first Post-Program Monitoring, Senior Press Office of the Fund Andreas Adriano has told CNA.

” This is a closer following of a country after the program has expired, and while the country still has a substantial credit outstanding with the Fund”, said Adriano.

According to IMF, the enhanced monitoring is intended to ensure the continued viability of a country’s economic framework and provide early warning of policies that could jeopardize the country’s capacity to repay the IMF.

Should it become necessary, IMF staff will advise on policy actions to correct macroeconomic imbalances.

The monitoring will begin on Monday and will be completed on Friday.

A year ago Cyprus concluded its multi-billion-euro bailout programme with the European Unions rescue fund, partly funded by the International Monetary Fund, due to the financial crisis that ravaged the islands banking sector.

Source: Cyprus News Agency