Brussels, 24/09/2015 (Agence Europe) - On 23 September, the IMF board approved the payment of a tranche of around €126 million to Cyprus, following the eighth monitoring mission of the Cypriot adjustment programme. The ninth mission will be held before the end of 2015.
Mitsuhiro Furusawa, deputy director general of the IMF, said that the Cypriot programme remained a success. “Economic activity in the first half of the year was better than anticipated, and fiscal outruns are running ahead of projections, the liquidity in the core banking system has continued to improve, and the prospect of resolving non-performing loans has improved”, Furusawa stated in a press release. However, the last of these issues remains a matter of urgency, Furusawa continued. He urged the Cypriot authorities to adopt legislation aiming to facilitate the sale of loans and securitisation, and to continue work to allow faster transfers of ownership titles. The supervision of the banking sector also calls for more efforts if it is to be tightened up. “In the light of continued uncertainties in the region, the financial status of Greek-owned subsidiaries will continue to warrant close attention”, Furusawa concluded, recommending the adoption of measures to overcome the delays noted in the privatisation process. (Original version in French by Elodie Lamer)