The IMF Executive Board lauded 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, CNA reports.
“Executive Directors commended the authorities for the Cypriot economy’s impressive recovery from the 2012–13 banking crisis, facilitated by prudent macroeconomic policies and progress on structural reforms, together with strong foreign demand,” the IMF announced after approving a report on Cyprus issued in the context of article IV consultation.
Cyprus GDP growth has been accelerating for three consecutive years on strong foreign demand.
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