IMF to continue work with Cyprus after elections

The International Monetary Fund has said that it continues to work with the Cypriot authorities and with its partners in the EU Commission and the ECB to develop a durable solution for Cyprus’ banking sector problems.

The statement was made by IMF Spokesman Jerry Rice, when asked if the IMF Cyprus team sees a programme for Cyprus after the elections.

Repeating what he said on Cyprus last time, Rice noted “we continue to work with Cypriot authorities and with our partners in the EU Commission and the ECB to develop a durable solution for Cyprus’ banking sector problems at low cost to the taxpayer, and consistent with sustainability”.

Regarding the elections, he said “we expect engagement with the new administration post election, to advance discussion on a potential programme”.

Cyprus applied on June 25 for financial assistance from the European Stability Mechanism estimated at 17.5 billion euro which is equivalent to its GDP. The programme is expected to be agreed on Eurogroup level in March.

Presidential elections take place in Cyprus this coming Sunday.