02286cas a2200241 a 4500 AALejournalIMF016089 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513522036 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. Cyprus : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (81 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This 2019 Article IV Consultation with Cyprus discusses that following a period of very rapid growth in the aftermath of the economic crisis, growth is gradually settling in at a more sustainable but still relatively robust pace despite the external slowdown. Output is projected to rise by around 3 percent in 2019-20, supported by construction and services sectors. Good progress has been made in addressing domestic and external stability risks arising from legacies of the financial crisis. Sales of nonperforming loans (NPLs), amendments to the foreclosure and insolvency framework and resolution of a large systemic bank have helped strengthen bank balance sheets. Reversal of reforms to the foreclosure framework would hinder ongoing NPL resolution efforts and create risks for financial stability. Realization of contingent liabilities from the still weak banking sector or increased fiscal spending pressures could undermine investor confidence, raising interest costs and depressing growth. Cyprus needs to build on recent gains by advancing reforms to secure macroeconomic stability, enhance efficiency and strengthen productivity and growth potential. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2019/362 Full text available on IMF http://elibrary.imf.org/view/journals/002/2019/362/002.2019.issue-362-en.xml IMF e-Library