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IMF focused on private and public debt in talks with Nicosia

The IMF has started consultations with the government, focusing on the reduction of excessive private and public debt and the management of non-performing loans.

This year’s consultations will conclude on October 4, 2017.

IMF Resident Representative Vincenzo Guzzo said that “this is a regular visit to member countries, during which staff engage with government and central bank officials in discussions about risks to domestic and global stability”.

He said staff will review the recent developments, the medium-term growth prospects and the risks surrounding the economic outlook.

Moreover, they will hold discussions with the country authorities on financial and fiscal policies as well as on structural reforms.

The focus of the mission will be on approaches to reducing excessive private and public debt as well as managing non-performing loans, which are critical priorities for Cyprus, Guzzo said.

During part of their mission, IMF staff will collaborate with European institutions on post-bailout surveillance.

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