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Report on sixth review of economic adjustment programme for Cyprus

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modis_cyprus_lrgToday (20 July) the European Commission is publishing its report on the sixth review of Cyprus' economic adjustment programme. The report looks at the compliance with the programme commitments and the remaining challenges, both for the financial sector and the broader Cypriot economy.

The economy is emerging out of recession. The labour market continues to show signs of stabilization, while unemployment remains high. Growth is expected to settle at 0.2% this year, gradually regaining strength in 2016. Reforms in the financial sector have progressed, but addressing the level of high non-performing loans remains the key priority. 

Structural reforms have progressed and the Cypriot authorities should continue to take forward the structural reform agenda, including privatizations and public administration reforms. The sixth review of the adjustment programme was successfully concluded last June.

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