IMF To Conduct Economic Assessment Of Cyprus

by Lorys Charalambous, Tax-News.com, Cyprus

28 October 2002

The Cypriot government announced last week that a delegation from the International Monetary Fund (IMF) is currently on the Island to conduct an assessment of the economic situation.

In a statement released on Friday, the authorities observed that: 'The timing of the IMF delegation's visit to Cyprus is of particular importance, in view of the negative economic environment internationally, and the concluding accession negotiations between Cyprus and the European Union.'

Speaking before Parliament earlier this month with regard to the 2003 budget, Cypriot Finance Minister, Takis Klerides stressed that the prevailing international economic climate is still uncertain, but pointed to the government's achievement of its strategic goals this year as a reason for optimism in the future.

A press release published by the Finance Ministry recently echoed this optimism, pointing to the jurisdiction's 2.3% rate of growth, low inflation rate, fiscal deficit of below 3%, and almost full employment as remarkable achievements, given the current economic climate.

During their visit to Cyprus, the IMF delegation will meet with officials from the Ministry of Finance, the Planning Bureau, and the Central Bank, according to the government statement.

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