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"Economic development Cyprus"
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Cyprus: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Cyprus
EXECUTIVE SUMMARY Extended Arrangement: On May 15, 2013, the Executive Board approved a three-year Extended Arrangement under the Extended Fund Facility in the amount of SDR 891 million (563 percent of quota; about €1 billion). Four purchases of amounts equivalent to SDR 74.25 million (about €84 million) each have been made so far, and another purchase of the same amount is proposed to be released upon completion of the fourth review. The European Stability Mechanism has released €4.75 billion (of €9 billion committed), and an additional €600 million is expected to be disbursed in early July. Recent Economic Developments: While still deep, the recession continued to moderate in the first quarter. Unemployment remains high, and mild deflation persists. Conditions in the banking sector are normalizing, although non-performing loans remain very high, constraining the ability of banks to provide credit to the economy. The outlook remains challenging, although with a somewhat milder output contraction expected this year, followed by a more gradual recovery. Overall, the economy remains weighed down by large private sector deleveraging needs. Policy Implementation: The program remains on track. Fiscal targets for the first quarter were met with considerable margins, domestic payment restrictions were fully lifted, and the coop sector was consolidated. The authorities intensified efforts to overcome delays in the implementation of structural measures. Looking forward, there are three key policy challenges: (i) addressing the high level of non-performing loans; (ii) maintaining fiscal sustainability; and (iii) strengthening institutions to support fiscal consolidation efforts and long-run growth. Risks to the program remain significant, in particular those related to still strong macro-financial linkages.
eBook
Cyprus: Third Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director
EXECUTIVE SUMMARY Extended Arrangement: On May 15, 2013, the Executive Board approved a three-year Extended Arrangement under the Extended Fund Facility in the amount of SDR 891 million (563 percent of quota; about €1 billion). Three purchases of amounts equivalent to SDR 74.25 million (about €86 million) each have been made so far, and another purchase of the same amount is proposed to be released upon completion of the third review. The European Stability Mechanism has released €4.6 billion of €9 billion committed, with a disbursement of €150 million expected in early April. Recent Economic Developments: While deep, the 2013 recession was not as severe as anticipated. The adjustment is occurring through both quantities and prices, and signs of stabilization are emerging in the banking sector. However, the outlook remains challenging, with rising unemployment, falling credit, and increasing non-performing loans. In this context, growth projections remain unchanged, with a deep contraction expected in 2014 and a modest and credit-less recovery taking hold in mid-2015. Policy Implementation: The program remains on track. Fiscal targets were met with considerable margins, the coop sector was recapitalized, and additional relaxations of payment restrictions are being implemented. Delays in the implementation of structural reforms have recently been overcome. Looking forward, policies will need to focus on dealing with the high level of non-performing loans, further normalizing payment flows, maintaining fiscal prudence, and stepping up the implementation of the ambitious fiscal structural reform agenda. Risks to program implementation remain significant, including due to remaining financial sector vulnerabilities and diminished political support following the breakup of the governing coalition.
eBook
Cyprus: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
eBook
Cyprus
This paper focuses on Cyprusâ?? Fourth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Request for Modification of Performance Criteria. The program remains on track. Fiscal targets for the first quarter were met with considerable margins, domestic payment restrictions were fully lifted, and the coop sector was consolidated. The authorities intensified efforts to overcome delays in the implementation of structural measures. There are three key policy challenges: (1) addressing the high level of nonperforming loans; (2) maintaining fiscal sustainability; and (3)
Publication
Cyprus
EXECUTIVE SUMMARYExtended Arrangement: On May 15, 2013, the Executive Board approved a three-yearExtended Arrangement under the Extended Fund Facility in the amount of SDR 891 million (563 percent of quota; about ?1 billion). Three purchases of amounts equivalent to SDR 74.25 million (about ?86 million) each have been made so far, and another purchase of the same amount is proposed to be released upon completion of the third review. The European Stability Mechanism has released ?4.6 billion of ?9 billion committed, with a disbursement of ?150 million expected in early April.Recent Economic Dev
Publication
Cyprus
Cyprus: First Review Under The Extended Arrangement Under The Extended Fund Facility and Request for Modification of Performance Criteria-Supplementary Information
Publication
Sustainability of Microstates
This interdisciplinary study discusses the development, economics, and politics of North Cyprus, a divided state since 1960 when sovereignty was surrendered by the British to both Greek and Turkish Cypriots. Mehmet works to demonstrate that, as a microstate with an area of just 3,442 square kilometers, North Cyprus possesses certain inherent comparative economic advantages in the service sectors that enable it to be sustainable in today's rapidly globalizing and competitive economic world.
Mehmet bases his arguments for the potential sustainability of North Cyprus on the concept of economic rationalism, in which participating parties work to optimize their own self-interest. In an ethnic conflict like that of North Cyprus, the logic of optimization demands a rational, free, and objective balancing of competing interests to reach an agreed solution. The economic rationalist approach sharply contrasts with the highly emotional political, historical, cultural, and legal approaches that have thus far dominated the study and discussion of the Cyprus problem, approaches that have largely resulted in a protracted conflict.
While recognizing the negative forces of ethnic tension and the very real possibility of a continued divided Cyprus state, Sustainability of Microstates nevertheless remains hopeful, designed to unleash the forces of convergence that may be deduced from economic rationalism, and unwavering in its conviction of the ultimate sustainability of North Cyprus.
eBook
Eleftheria Square: The Legacies and Dichotomies Woven into Nicosia's Urban Fabric
The redesign of Eleftheria Square was imagined to be the spearhead of a new era in Nicosia's urban identity. However, the capital of Cyprus is still struggling with a complex decision-making process and a weak planning system. Rapid urban change, coupled with urban sprawl, are raising questions about the future of Nicosia, and other Cypriot cities. The aim of this paper is to position the redesign of Eleftheria Square within Nicosia's urban historical context. The paper explores the Ottoman and British approaches to the city's development, exposing how their legacies manifest in current ideologies and values about urban space. The redesign of Eleftheria Square is presented as an example of a third 'glocalised' approach, exacerbating the existing dichotomy between the Ottoman and British approaches. The article concludes by questioning Eleftheria Square's legacy and advocating for a wider discussion about what constitutes, influences and drives urban change in Nicosia.
Journal Article
A comparative analysis of the relationship between innovation and transport sector carbon emissions in developed and developing Mediterranean countries
Innovation technologies have been recognized as an efficient solution to alleviate carbon emissions stem from the transport sector. The aim of this study is to investigate the impact of innovation on carbon emissions stemming from the transportation sector in Mediterranean countries. Based on the available data, Albania, Algeria, Bosnia and Herzegovina, Croatia, Egypt, Morocco, Tunisia, and Turkey are selected as the 8 developing countries; and Cyprus, France, Greece, Israel, Italy, and Spain are selected as the 6 developed countries and included in the analysis. Due to data constraints, the analysis period has been determined as 1997–2017 for the developing Mediterranean countries and 2003–2017 for the developed Mediterranean countries. After determining the long-term relationship with the panel co-integration method, we obtained the long-term coefficients with PMG and DFE methods. The empirical test results indicated that the increments in the level of innovation in developing countries have a positive impact on carbon emissions due to transportation if the innovation results from an increase in patents. An increase in the level of innovation in developed countries has a positive impact on carbon emissions due to transportation if the innovation results from an increase in trademark. As a result, innovation level has a positive effect on carbon emissions due to transportation, and this effect is stronger for developed countries.
Journal Article