“The success story of Cyprus, if that’s how we describe it, is a success for Cyprus, the Cypriot government and the Cypriot people,” Gerry Rice said, adding that “it’s a fair statement that Cyprus has done well in its program and its reforms”.

He said that the IMF is ready to contact the tenth and final review of the program, if requested by the Cypriot authorities. The program is scheduled to end in Cyprus in mid-May 2016.

“The progress is good, the public finances have improved considerably, so they have demonstrated fiscal prudence. They have also moved on other issues of structural reforms and so on,” he said in response to a question why Cyprus has done well.

“Above all they have demonstrated ownership of the program and commitment to implementation, if you are asking me for the key aspects,” he added.

He noted however that while there has been good progress, sustained fiscal efforts will be needed in the medium term and the implementation of structural reforms will need to continue in order to boost growth and jobs. “Cyprus has done well but need to keep pushing on. No room for complacency,” he said.

Source: InCyprus