(31 March 2018) – Today, the financial assistance programme for Cyprus formally concludes after three years.
This programme was designed to achieve three main objectives: stabilise and reform the Cypriot financial sector, ensure sound fiscal consolidation, and implement reforms to support competitiveness and growth.
Thanks to the structural reforms, confidence has returned and a lot has been achieved: growth is picking up, the banking system has further healed and the fiscal outlook has remarkably improved.
With the programme at an end, Cyprus will be reintegrated into the regular cycle of Economic Policy Coordination – i.e., the European Semester – and subject to Post Programme Surveillance as foreseen by the Two-Pack Regulation. It will also continue to benefit from support in implementing ongoing reforms from the Commission’s Structural Reform Support Service.