Brussels, 14/07/2014 (Agence Europe) - This Tuesday, the troika representatives (European Commission, ECB and IMF) will start their fifth monitoring mission in Cyprus.
Within its contacts, the troika will focus on the continuation of the restructuring of the financial sector, “particularly on the cleaning up of banks' balance sheets and the reduction of the very high level of private sector debt, including by working towards an effective insolvency framework”, said Simon O'Connor, Commission spokesperson for economic and monetary affairs. Macro-economic and budgetary developments will also be central to the discussions and appear to be “on track”, according to the Commission. Another focus will be the preparation of the government's 2015 budget and progress on structural reforms. “A key priority will be to ensure adequate implementation of social welfare reform, which is expected to be launched this summer”, the Commission added. The institutional trio will also meet the Cypriot authorities to discuss progress in health care reform, revenue administration and public administration reform. (EL)