Private-sector deposits grew by EUR3.4 billion (3%) in July-November 2017, reflecting reduced uncertainty following the completion of the second review of Greece's economic adjustment programme
, in June 2017, and a strong tourism season.
The EU will likely put pressure on Cyprus soon to resume its reforms process, virtually suspended after the island's exit from the bailout adjustment programme
, the head of the fiscal watchdog said in an interview.
The ESM board in Luxembourg said that the payment "follows the positive assessment of the sixth quarterly review of Cyprus's macroeconomic adjustment programme
and approval of the supplemental Memorandum of Understanding with Cyprus by the ESM Board of Governors."
The introduction of the economic adjustment programme
in April 2013, which involves the downsizing and restructuring of the banking sector, will have an effect on day-to-day business transactions and could threaten the viability of many firms and further reduce confidence.Still, there is now an opportunity to restructure and modernise the economy along more sustainable lines, in sectors that suit Cyprus' infrastructure and human capital.
"The strong commitment of the Portuguese authorities to ensure that the implementation of the economic adjustment programme
remains on track is very important," commission spokesman Simon O'Connor told journalists in Brussels.
It added: "Ireland is continuing to undertake a comprehensive and vital adjustment programme
to reduce its macroeconomic imbalances and restore its banking system to health.
Larox aims to cut its annual costs by some EUR6.5m under its adjustment programme
The relief bonanza is a result of the country's adherence to economic restructuring imposed by the Bank nearly 10 years ago and is a 'reward' for Zambia sticking to the adjustment programme
, according to Abraham Mweenda, the Central Bank deputy chief.
The main target of the Medium-term Adjustment Programme
, on which the realisation of the other macroeconomic objectives depends, is the reduction of the PSBR from 21 per cent of GDP in 1990 to 3 per cent of GDP in 1993.
The Public Debt Management Office, a division of the finance ministry, said that the impact on bond yields from the completion of Cyprus's adjustment programme
, which made government bonds ineligible for the European Central Bank operations, was limited.