Tough year ahead for the global economy, IMF’s Georgieva warns
For much of the global economy, 2023 is going to be a tough year as the main engines of global growth – the United States, Europe and China – all experience weakening activity, the head of the...
View ArticleOil falls on rate hike worries, Russian export flows
Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01,...
View ArticleCyprus economy has performed ‘remarkably’ says IMF official
The Cypriot economy has achieved remarkable performance in recent years amid a period of sustained instability, a senior official with the International Monetary Fund (IMF) said on Tuesday. The...
View ArticleIMF lays out crypto action plan, recommends against legal tender status
The International Monetary Fund has laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies such as bitcoin legal...
View ArticleCabinet looking at extending electricity subsidy past April but no guarantees...
The further extension of electricity subsidies will continue if the cabinet decides to continue with the support, President Nikos Christodoulides said on Saturday, following reports that when the...
View ArticleIMF predicts Cyprus economy will grow by 2.5% this year
Cyprus’ economy will grow by 2.5 per cent this year as both inflation and unemployment recede, according to the latest forecast from the International Monetary Fund. In its April ‘World Economic...
View ArticleIMF forecasts Cyprus economy growth to slow to 2.5 per cent in 2023
The economy of Cyprus is expected to experience a slowdown, with growth projected to reach approximately 2.5 per cent in 2023, according to a report released on Tuesday by the International Monetary...
View ArticleOur View: IMF offers rational approach to CoLA
The taxpayer will have to provide another €60m that was not budgeted this year to pay for the increase in CoLA (from 50 to 67.7 per cent of the rise in the retail price index) that the government...
View ArticleCBC governor attends World Bank and IMF meetings in Morocco
Governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou is participating in the annual meetings of the World Bank and the International Monetary Fund (IMF), taking place this week in the...
View ArticleCypriot economy: resilience and structural weaknesses
By Andreas Charalambous and Omiros Pissarides The favourable assessments from the European Commission and the IMF, as well as the global rating agencies, demonstrate the satisfactory course of the...
View ArticleOur View: Government must listen to reason over relief measures
The answer to the barrage of criticism by opposition parties over the government’s decision not to extend the tax discount on fuel beyond last month was provided by the IMF, which was in Cyprus for 10...
View ArticleIMF committee acknowledges conflicts risk but opts against joint communique
The International Monetary Fund’s steering committee failed to issue a joint communique on Friday amid disagreements over wars in the Middle East and Ukraine, opting instead for a statement from the...
View ArticleCivil servants clash with IMF over state payroll
Civil service trade unions on Tuesday rejected the recommendations of the International Monetary Fund (IMF), which had called for the rationalisation of salary scales and expenditures related to the...
View ArticleOur View: Unions calling on govt to ignore IMF advice beggars belief
The leaders of unions representing public employees – teachers, civil servants, national guard officers, police, hospital doctors, nurses – met on Tuesday to discuss a study about public sector payroll...
View ArticleIMF outlook ‘vote of confidence’ for Cyprus
The International Monetary Fund’s revised outlook for Cyprus’ GDP growth for 2024 is “a vote of confidence” in the island, government spokesman Konstantinos Letymbiotis said on Tuesday. He was...
View ArticleFiscal policy defended after IMF remarks
President Nikos Christodoulides defended the government’s fiscal policy on Saturday, saying it was the responsible policy that allowed it to spend more than €700 million to address issues faced by...
View ArticleOur View: Are Cyprus wages low? IMF, unions can’t decide
The head of Sek union federation Andreas Matsas joined forces with his Pasydy counterpart Stratis Mattheou to have a dig at the IMF, which had warned against any “fiscal loosening.” It also advised...
View ArticleIMF report urges reining in public sector pay
Fresh discussions on the Cost of Living Allowance (CoLA) will get underway after the Easter holiday, media reported on Monday, on the back of the release of an International Monetary Fund report...
View ArticleSaudi minister praises IMF and World Bank’s support for Syria’s recovery
Officials from the International Monetary Fund, World Bank and key countries met with Syrian authorities this week on efforts to rebuild the war-torn country, emphasizing the need for credible data,...
View ArticleIMF warns Cyprus over ‘inflated’ public sector wage bill
The International Monetary Fund warned Cyprus over its “inflated” public sector wage bill in its annual Article IV consultation – an economical health check – on the island. The report wrote that in...
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