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This paper focuses on Cyprus’ Fourth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Request for Modification of Performance Criteria. The program remains on track. Fiscal targets for the first quarter were met with considerable margins, domestic payment restrictions were fully lifted, and the coop sector was consolidated. The authorities intensified efforts to overcome delays in the implementation of structural measures. There are three key policy challenges: (1) addressing the high level of nonperforming loans; (2) maintaining fiscal sustainability; and (3) strengthening institutions to support fiscal consolidation efforts and long-run growth. Risks to the program remain significant, in particular those related to still strong macro-financial linkages.

Economic development --- Fiscal policy --- Structural adjustment (Economic policy) --- Economic indicators --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- Economic policy --- Tax policy --- Taxation --- Finance, Public --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Government policy --- Cyprus --- Economic conditions. --- E-books --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Taxation, Subsidies, and Revenue: General --- Fiscal Policy --- Financial Institutions and Services: General --- Banking --- Public finance & taxation --- Finance --- Monetary economics --- Public debt --- Nonperforming loans --- Credit --- Revenue administration --- Financial institutions --- Money --- Loans --- Banks and banking --- Debts, Public --- Revenue --- Cyprus -- Economic conditions. --- Cyprus -- Economic policy. --- Economic forecasting -- Cyprus. --- Economic indicators -- Cyprus. --- International monetary fund -- Cyprus.