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Cyprus News Agency: News in English (AM), 98-08-15

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] IMF - Cyprus

  • 1045:CYPPRESS:01

    [01] IMF - Cyprus

    Nicosia, Aug 15 (CNA) -- The International Monetary Fund (IMF) urged Cyprus to proceed with measures curbing public spending in a bid to reduce fiscal deficit.

    According to a Reuters report from Washington the IMF pointed out that "in the absence of corrective policies, the fiscal deficit could widen even further in 1998, leading to a sharply higher debt/GDP ratio".

    A wider fiscal deficit could also lead to weaker current account prospects and potentially to a loss of investor confidence "during a crucial phase of financial liberalisation", the IMF report noted.

    According to Reuters, the IMF endorsed the government's proposed fiscal package, which includes a rise in the value-added tax rate, increases in excise taxes and cuts in civil service positions.

    Revenues from tourism should improve this year, helping to raise output growth to 4,2 per cent, up from 2,3 per cent in 1997, the IMF report said.

    It also pointed out that economic conditions "were propitious for fiscal adjustment and the initiation of structural reforms to harmonise with European Union policies". Cyprus, with a per capita income of 12,8 thousand US dollars in 1997, started accession negotiations with the European Union in March.

    CNA GG/MCH/1998
    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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