01900cas a2200241 a 4500 AALejournalIMF018915 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484387344 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. Cyprus : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (80 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 Cyprus is recovering strongly from the 2012-13 crisis. GDP growth is projected to remain above 4 percent in 2018-19, buoyed by services and foreign-financed construction. Unemployment is rapidly declining while large fiscal primary surpluses are putting public debt back on a declining path. Nevertheless, crisis legacies continue to weigh on the banking system. In early 2018, difficulties in the Cyprus Cooperative Bank led the authorities to intervene, albeit at a significant fiscal cost. In the process, a package of legislative measures strengthening the insolvency and foreclosure regime was also approved, which is now catalyzing the cleanup of bank balance sheets. These developments have led to a sovereign ratings upgrade, restoring Cyprus's investment grade status. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2018/337 Full text available on IMF http://elibrary.imf.org/view/journals/002/2018/337/002.2018.issue-337-en.xml IMF e-Library