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Emigration and immigration --- Public health --- Cyprus --- Community health --- Health services --- Hygiene, Public --- Hygiene, Social --- Public health services --- Public hygiene --- Sanitary affairs --- Social hygiene --- Health --- Human services --- Biosecurity --- Health literacy --- Medicine, Preventive --- National health services --- Sanitation --- Immigration --- International migration --- Migration, International --- Population geography --- Assimilation (Sociology) --- Colonization --- Chypre --- Ciper --- Cipro --- Cypern --- Kıbrıs --- Kıbrıs Cumhuriyeti --- Kipriaki Dhimokratia --- Kipŭr --- Kypriakē Dēmokratia --- Kypros --- Qubru --- Republic of Cyprus --- Tsiprus --- Zypern --- Chipre --- Kipr --- Ostrov Kipr --- Emigration and immigration. --- Public health. --- Cyprus.

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This Report on the Observance of Standards and Codes (ROSC) examines Fiscal Transparency for Cyprus. The report reveals that Cyprus has been making major progress in improving fiscal transparency, helped by the government’s efforts to strengthen budget management systems and comply with the European Union acquis communautaire. As a result, the country now fully meets or even exceeds the code’s standards in many areas. The momentum of fiscal management reform efforts should be maintained to meet the requirements of the code in additional areas.

Fiscal policy --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Government policy --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Cyprus --- Kıbrıs --- Kypros --- Zypern --- Chypre --- Qubruṣ --- Kipriaki Dhimokratia --- Kıbrıs Cumhuriyeti --- Cipro --- Chipre --- Cypern --- Kipŭr --- Tsiprus --- Kypriakē Dēmokratia --- Republic of Cyprus --- Ciper --- Κύπρος --- Κυπριακή Δημοκρατία --- Kipr --- Кипр --- Ostrov Kipr --- Остров Кипр --- Cyprus (Turkish republic of northern Cyprus, 1983- ) --- Cyprus (Turkish federated state, 1975-1983) --- Economic policy. --- Economic conditions. --- Accounting --- Budgeting --- Labor --- Public Finance --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Public Administration --- Public Sector Accounting and Audits --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Debt --- Debt Management --- Sovereign Debt --- Budgeting & financial management --- Public finance & taxation --- Public finance accounting --- Labour --- income economics --- Budget planning and preparation --- Expenditure --- Fiscal accounting and reporting --- Public employment --- Public debt --- Public financial management (PFM) --- Budget --- Expenditures, Public --- Economic theory --- Debts, Public --- Income economics

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The 2011 Article IV Consultation report discusses the Cypriot economy, which faces strong headwinds and downside risks owing to financial turbulence in the euro area and the large exposure of Cypriot banks to Greece. Executive Directors noted that Cyprus faces daunting economic challenges in the face of faltering external demand and worsening domestic financial conditions. Directors urged the authorities to act forcefully to restore sound public finances and safeguard the stability of the banking system.

Debts, Public --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Cyprus --- Kıbrıs --- Kypros --- Zypern --- Chypre --- Qubruṣ --- Kipriaki Dhimokratia --- Kıbrıs Cumhuriyeti --- Cipro --- Chipre --- Cypern --- Kipŭr --- Tsiprus --- Kypriakē Dēmokratia --- Republic of Cyprus --- Ciper --- Κύπρος --- Κυπριακή Δημοκρατία --- Kipr --- Кипр --- Ostrov Kipr --- Остров Кипр --- Cyprus (Turkish republic of northern Cyprus, 1983- ) --- Cyprus (Turkish federated state, 1975-1983) --- Economic conditions. --- Economic policy. --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Data Transmission Systems --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Current Account Adjustment --- Short-term Capital Movements --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- International Lending and Debt Problems --- Banking --- Public finance & taxation --- International economics --- Data capture & analysis --- Finance --- Current account deficits --- Special Data Dissemination Standard (SDDS) --- Commercial banks --- Balance of payments --- Financial institutions --- External debt --- Loans --- Banks and banking --- Fiscal policy --- Data transmission systems --- Debts, External

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KEY ISSUES Background: The large imbalances that accumulated prior to the global financial crisis culminated in a collapse of the banking sector in early 2013. In response, the authorities took unprecedented measures and adopted an economic adjustment program, supported by official financing, aimed at securing financial stability and fiscal sustainability. Recent developments and outlook: GDP contracted sharply in 2013. Wages and prices also declined, and unemployment increased. While bank deposit outflows have slowed, non-performing loans have risen sharply, and credit remains impaired. The outlook is difficult, with the recession expected to continue this year, followed by a modest recovery starting next year. Risks remain tilted to the downside. Reform agenda: The authorities need to overcome recent delays in the implementation of their adjustment program. A key priority is addressing high non-performing loans, which requires putting in place a strong private-sector debt-restructuring framework, including legislation to facilitate foreclosures, complemented by a modernized insolvency regime. Banks should continue to restructure and build strong capital buffers. Removal of external-payment restrictions must proceed prudently. Continued fiscal consolidation is required to ensure long-run sustainability, complemented by firm implementation of structural reforms.

Global Financial Crisis, 2008-2009. --- Economic forecasting --- Economics --- Forecasting --- Economic indicators --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Cyprus --- Kıbrıs --- Kypros --- Zypern --- Chypre --- Qubruṣ --- Kipriaki Dhimokratia --- Kıbrıs Cumhuriyeti --- Cipro --- Chipre --- Cypern --- Kipŭr --- Tsiprus --- Kypriakē Dēmokratia --- Republic of Cyprus --- Ciper --- Κύπρος --- Κυπριακή Δημοκρατία --- Kipr --- Кипр --- Ostrov Kipr --- Остров Кипр --- Cyprus (Turkish republic of northern Cyprus, 1983- ) --- Cyprus (Turkish federated state, 1975-1983) --- Economic policy. --- Economic conditions. --- Banks and Banking --- Public Finance --- Industries: Financial Services --- Data Transmission Systems --- Criminology --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- Illegal Behavior and the Enforcement of Law --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Taxation, Subsidies, and Revenue: General --- Banking --- Public finance & taxation --- Finance --- Macroeconomics --- Corporate crime --- white-collar crime --- Public debt --- Public financial management (PFM) --- Nonperforming loans --- Commercial banks --- Financial institutions --- Revenue administration --- Banks and banking --- Debts, Public --- Finance, Public --- Loans --- Money laundering --- Revenue --- White-collar crime