This web page presents information about the work of the IMF in Cyprus, including the activities of the IMF Resident Representative Office. Additional information can be found on the Cyprus and IMF country page, including IMF reports and Executive Board documents that deal with Cyprus.
Note: The office closed on May 1, 2019. This page is being maintained for information purposes.
At a Glance: Cyprus and the IMF
- Current IMF membership: 190 countries
- Member since December 21, 1961
- Quota: SDR 303.8 million
- The 2024 Article IV Consultation was discussed by the Executive Board on May 22, 2024
- Each member country of the IMF is assigned a quota, based broadly on its relative position in the world economy. A member country's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing.
- Cyprus is represented in the Executive Board
- The Executive Board is responsible for conducting the day-to-day business of the IMF. It is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries. The Managing Director serves as its Chairman. The Board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff.
IMF’s Work on Cyprus
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IMF Executive Board Concludes 2024 Article IV Consultation with Cyprus
May 28, 2024
Cyprus recovered swiftly from the pandemic and has proven resilient to multiple adverse shocks. Growth moderated in 2023 but remained robust, above the euro area (EA) average, supported by a continued recovery in tourism, financial services and expanding ICT activity, and strong investments. Headline inflation has fallen below 2 percent, supported by declining energy prices and tighter monetary policy, but core inflation has been more persistent. Strong fiscal performance continues driven by robust revenue growth and contributing to a large decline in public debt. The banking sector has sizable capital and liquidity buffers, and despite tight financial conditions, risks appear to have declined.
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May 28, 2024
Series:Country Report No. 2024/138
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May 28, 2024
Series:Country Report No. 2024/137
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Cyprus: Staff Concluding Statement of the 2024 Article IV Mission
March 29, 2024
An International Monetary Fund (IMF) mission met with the Cypriot authorities during March 19–29, 2024 to discuss recent economic developments, the outlook and risks, and policy priorities.
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September 8, 2023
Series:Country Report No. 2023/325
Regional Economic Outlook
April 19, 2024
A soft landing for Europe’s economies is within reach. Securing the baseline of growth with price stability will require careful monetary policy calibration. Faster fiscal consolidation would ensure buffers are adequate to tackle future shocks, while structural fiscal reforms would help address mounting long-term expenditure pressures. Beyond the near-term recovery, raising potential growth prospects calls for efforts at both the domestic and European levels. Measures should aim to raise labor force participation, prepare the workforce for looming structural shifts, set an enabling environment for private investment, and promote innovation on a level European playing field—especially when it comes to the green transition, including through a strong commitment to carbon pricing. Greater European integration would amplify the effect of these reforms. Formulating an ambitious set of growth-enhancing reforms should be a key priority of a new EU commission.
Read the Report