IMF praises Cyprus “impressive recovery” highlight need to address legacy issues

The IMF Executive Board praised Cyprus impressive recovery since the 2013 crisis, pointing out the Cypriot authorities should to hammer out a strategic plan to tackle legacy issues mainly high private debt and the high stock of non-performing loans. Meanwhile, the strong growth boosting the Cypriot economy has failed to produced the expected reduction of the high stock non-performing loans (NPLs), hampering the island’s banking system, IMF representative in Cyprus, Vincenzo Guzzo, has said.

Source: Cyprus News Agency