Cyprus has successfully exited 10 billion Euro bailout programme before its term and without any successor arrangement.
Cyprus has successfully managed to outperform its fiscal targets; in fact the country has used only €7,5 billion from the total of €10 billion financial aid package granted from the Troika international creditors: the International Monetary Fund (IMF), the European Commission and the European Central Bank.
The three year bailout programme has officially ended on the 31st of March 2016.
Christine Lagarde, Managing Director of IMF praised the country and congratulated the people and the Government of Cyprus on their accomplishments under the economic adjustment programme, which has delivered an impressive turnaround of the economy during the past three years.
Cyprus is the fourth country to complete an international bailout programme after Ireland, Spain and Portugal.
The country’s success comes down to its strict adherence to austerity measures and implementation of reforms.
After the successful exit, Cyprus’s economy is projected to grow 1,6 percent in 2016 and by 2 percent in 2017.