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Statement on Cyprus by Olli Rehn, European Commission VP and Christine Lagarde, Managing Director of the IMF

03.04.2013 The Cypriot authorities have put forward a multi-annual reform programme to address the economic challenges facing the country. Its goals are to stabilize the financial system and achieve fiscal sustainability in order to lay the foundations for a recovery of economic activity and the growth potential that will preserve the longer-term prosperity of the population.

The programme builds on important steps already taken by Cyprus to address the problems in the two largest banks and includes a set of measures aimed at ensuring a stable, sustainable and transparent financial sector.

While the Cypriot government has already adopted important fiscal consolidation measures, the programme entails a well-paced fiscal adjustment that balances short-run cyclical concerns and long-run sustainability objectives, while protecting vulnerable groups. The social welfare system will be reviewed with the view to ensuring sustainability and social fairness.

The programme puts forward comprehensive structural reforms to set the conditions for growth and job creation.

Significant challenges lie ahead for Cyprus. The European Commission and the International Monetary Fund stand by Cyprus and the Cypriot people in helping to restore financial stability, fiscal sustainability and growth to the country and its people.

Additional information

European Commission in Cyprus

Contact

Representation of the European Commission in Cyprus

Address

EU House

30 Byron Avenue

1096 Nicosia

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work Tel.:
+357 22 81 77 70

Fax

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+357 22 76 89 26

E-Mail


Europe Direct Larnaca

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Filiou Tsigaridi

6300 Larnaca

P.O. Box 40045

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+357 24 62 09 93

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+357 24 62 09 93

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Europe Direct Limassol

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173-179 Chr. Hadjipavlou Ave.

3036 Limassol

Phone

work Tel.:
+357 25 00 20 44 and +357 25 00 20 27

Fax

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+357 25 00 27 63

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Europe Direct Paphos

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Palia Ilektriki

Vladimirou Iracleous 8

8010 Paphos

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work Tel.:
+357 26 93 55 00

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fax Fax:
+357 26 91 10 32

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  • Last update: 03 | 04 | 2013