Download AMAN Application from Apple store and Google play                                Follow us on : Twitter - Facebook - YouTube - Instagram

STATUTES GENERAL ASSEMBLY SECRETARY GENERAL CONTACTS Follow us on Twitter Follow us on Facebook Follow us on Instagram
Daily News
MedNEWS HOME
NNA - احتفال موسيقي بعيد الربيع الصيني 2020 بالتعاون مع مسرح كركلا والمعهد الوطني اللبناني العالي للموسيقى
وطنية - أقامت سفارة الصين ووزارتا الثقافة والسياحة لجمهورية الصين الشعبية، بالتعاون مع مسرح كركلا والمعهد الوطني اللبناني العالي للموسيقى - الكونسرفاتوار، احتفالا موسيقيا لمناسبة "عيد الربيع الصيني السعيد 2020"،...
NNA - قرعة كأس العالم للركبي ليغ: لبنان في مجموعة نيوزيلندا وجامايكا وايرلندا
وطنية - أوقعت قرعة كأس العالم للركبي ليغ المقررة في إنكلترا السنة المقبلة لبنان في المجموعة الثالثة إلى جانب نيوزيلندا وجامايكا وإيرلندا، في الحفل الذي أقيم في قصر باكنغهام الملكي...
NNA - ألقاب الدورة الاولى للبنان في بطولة غرب ووسط آسيا للناشئين بالتنس
وطنية - استأثر لبنان بألقاب الدورة الأولى لبطولة غرب ووسط آسيا للناشئين والناشئات (تحت ال14 سنة) بالتنس التي أقيمت في المنامة- البحرين.
وجاءت النتائج كالآتي: في نهائي فردي الذكور، فاز أنطوني...
NNA - اصطياد سمكة قرش في بحر العبدة
وطنية -عكار- تمكن أحد الصيادين في مرفأ العبدة من اصطياد سمكة قرش (كلب بحر) تزن حوالى ال 150 كيلوغراما. وهي المرة الاولى التي يسجل فيها اصطياد القرش عند الشاطئ العكاري....
NNA - وفد من الكتيبة الفرنسية في اليونيفيل جال على معالم صور الأثرية
وطنية - صور - زار قائد وحدة الاحتياط الفرنسية في قوات "اليونيفيل" الكولونيل فيليب جينكا يرافقه عدد من الضباط المساعدين، مدينة صور حيث كان في استقباله رئيس البلدية حسن دبوق...
CNA - الحكومة القبرصية: تركيا تحولت إلى دولة للقرصنة في شرق البحر الأبيض المتوسط
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
أدانت الحكومة القبرصية عمليات الحفر غير القانونية التي خططت لها تركيا مؤخراً داخل المنطقة الاقتصادية الخالصة والجرف القاري لجمهورية قبرص. ...
CNA - IMF: Low productivity & high private debt amid increasing external risks, are challenges for Cyprus’ economy




CNA - Nicosia - Low productivity and high private debt, as external risks increase, are the main challenges for Cypriot economy, as described in a report by the International Monetary Fund (IMF) Executive Board, following the conclusion of the consultation of the Article IV with Cyprus.


The IMF Executive Board welcomed the strong economic recovery and declining unemployment rate, and commended the authorities for the good progress in addressing banking sector vulnerabilities and improving macroeconomic fundamentals.


The IMF pointed out that productivity growth has been weak, reflecting institutional bottlenecks and the slow pace of technology adoption, and that private sector indebtedness remains high amid ongoing challenges in debt workouts.


Cyprus is encouraged to continue efforts to address crisis legacies by continuing to reduce debt vulnerabilities, improve public spending efficiency, and raise economic growth potential and inclusiveness.


According to the IMF staff report, risks to the outlook are predominantly on the downside arising from sharper-than-expected external shocks.


It is added that following a period of rapid recovery from the 2012–13 financial crisis, Cyprus’s economic growth momentum is gradually slowing.


“The near-term outlook remains robust despite increasing external headwinds. Real GDP growth is projected to moderate to around 3 percent in 2019–20, supported by construction and services sectors”.


Over the medium term, economic growth is projected to slow to its long-run potential rate of around 2½ percent, as the transitory effects of the investment boom dissipates. Private consumption is expected to remain resilient, however, on the back of tightening labor markets and the gradual credit recovery as banks’ balance sheet improves. Public debt is projected to decline to 65 percent of GDP by 2024 on the back of continued high primary surplus.


As it is mentioned, the underlying current account deficit widened due to slower growth of trading partners, fiscal performance was strong as the underlying general government primary surplus rose to 5.4 percent of GDP in 2018. Inflationary pressure remained low, and the unemployment rate continued to decline, reaching close to pre-crisis levels.


“While the banking sector has made significant improvements, challenges remain. Non-performing loans, at 30 percent of loans, remain among the highest in Europe. A large private sector debt overhang persists, given continued difficulties in debt workouts. Lagging productivity growth and political pressure to unwind key reforms also weigh on the outlook”.


IMF Directors emphasized the importance of steady NPL resolution and sustainable debt workouts. They highlighted the need for ensuring a well-functioning NPL resolution toolkit, including through implementation of a credible foreclosure framework, along with complementary reforms in the judiciary.


Directors also stressed the need to continue strengthening the supervisory and regulatory framework of credit acquiring companies and to finalize the governance structure of state-owned Cyprus Asset Management Company. They also underlined the importance of minimizing moral hazard risks inherent in the state-subsidy scheme for primary homeowners (Estia).

The IMF welcomed Cyprus’s strong fiscal performance, and stressed the need to continue to reduce debt sustainability risks and to enhance the efficiency of expenditures, pointing out that expenditure growth, particularly that of the wage bill, should be contained.


The Board of Directors also stressed the need to improve the efficiency of education spending and increase investment in technological innovation and human capital build-up to reduce skills mismatches and achieve more inclusive growth, particularly among the youth.


The IMF also pointed out that managing incentives and costs of services as well as ensuring the competitiveness of the public health sector is key to control fiscal risks from the recently implemented National Health System.

It’s also emphasized that structural reforms are key to raise medium-term growth potential.

CNA/TNE/EC/2019
ENDS, CYPRUS NEWS AGENCY

________________________________________

Cyprus News Agency, 21 Academias Avenue, 2107 Aglantzia, Nicosia
Tel. 22556000, Fax. 22556100, email:news@cna.org.cy, website: www.cna.org.cy



Agency : CNA

Date : 2019-12-11 10:08:00







 

Copyright © Alliance of Mediterranean News Agencies 2017