CNA News

Cyprus’ 16th post-programme surveillance to begin on Tuesday

Cyprus’ 16th post-programme surveillance begins next Tuesday, focusing on the public finances, the prospects of the Cypriot economy and the state of play in the banking sector.

According to reliable sources, the four-day meetings with the Cypriot authorities will cover the state of the public finances, the banking sector on the basis of 2024 financial results and the economic outlook.

The meetings will also address the challenges facing the economic outlook, mainly stemming from the continuing geopolitical tensions and disruptions to free shipping due to the Houthi attacks against commercial shipping in the Red Sea.

The same sources also noted that discussions will also touch upon issues associated with the sectors of energy and health.

The pos-programme surveillance is carried out by technocrats of the European Commission, the ECB and the European Stability Mechanism (ESM) and the International Monetary Fund (IMF).

In 2013 Cyprus received a financial bailout by the EU and the IMF amounting to €10 billion, with total disbursements reaching €7.3 billion (ESM €6.3 billion and IMF €1 billion). So far, Cyprus has repaid the €1 billion loan facility provided by the IMF. Post-programme checks are carried out twice a year until Cyprus repays 75% of the outstanding debt amounting to €6.3 billion.