• Congressmen call for US financial assistance to facilitate the reunification of Cyprus

    Sixteen members of the US Congress support the position that “the U.S. should facilitate a successful reunification of Cyprus through assistance to Cyprus.”

    In a letter dated March 16, the members of Congress call on the House Appropriations Committee Chairman Hal Rogers and Ranking Member Nita Lowey to “include language stating the United States’ position that assistance appropriated for Cyprus should support measures aimed at solidifying the reunification of Cyprus and the unified government in Cyprus” in the State, Foreign Operations and Related Programs Appropriations bill for the fiscal year 2019.

    “It is important for the United States to continue to play an active role in ensuring that Cyprus – a strategic partner of the United States – and the new federal structure that would arise out of a settlement will be able to cope with any political and fina … (More)

  • USΑ donates 136,780 dollars to CMP to fund new CMP Archival Research Coordination position

    The USΑ has made a donation of 136,780 American dollars to the Committee on Missing Persons in Cyprus (CMP) to fund the new CMP Archival Research Coordination position.

    CMP expressed in a press release its sincere thanks to the USA for the donation made on Friday in support of the work of the CMP.

    As it is noted, this contribution is allocated to the CMP to fund the new CMP Archival Research Coordinator position, and brings the United States’ financial assistance to the CMP to a total of 846,840 euros over the past ten years.

    “This donation to the CMP Project on the Exhumation, Identification and Return of Remains of Missing Persons in Cyprus will contribute to the Committee’s goal of identifying and returning as many remains of missing individuals as possible in order to bring an end to the uncertainty which has affected so many families for so many years,” the press release added.

    It noted that so far, 699 missing persons from both communities have been identified and returned to their families for a dignified burial.

    The CMP relies on donor support to alleviate the suffering of families of missing persons, the press release concludes.

    CNA/MK/GV/2016
    ENDS, CYPRUS NEWS AGENCY

  • Switzerland donates EUR 38,000 to the CMP

    Switzerland has donated 38,000 euro to the Committee on Missing Persons.

    In a press release sent to the media on Friday, CMP wishes to express its sincere thanks to the Swiss Confederation for its donation.

    “This second allocation brings the Swiss financial assistance to the CMP to a total of EUR 71,000 over the past two years. This donation to the CMP Project on the Exhumation, Identification and Return of Remains of Missing Persons in Cyprus will contribute to the Committee’s goal of identifying and returning as many remains of missing individuals as possible in order to bring an end to the uncertainty which has affected so many families for so many years”, the CMP statement reads.

    The CMP relies on donor support to alleviate the suffering of the concerned families.

    According to the CMP, so far 618 missing persons from both communities have been identified and returned to their families for a dignified burial.

    Cyprus has been divided since 1974, when Turkish troops invaded and occupied its northern third. Since then, the fate of hundreds of people remains unknown.

    The Committee on Missing Persons has been established, upon agreement between the leaders of the two communities, with the scope of exhuming, identifying and returning the remains of missing persons to their relatives.
    CNA/KCH/MM/2015
    ENDS, CYPRUS NEWS AGENCY

  • Cyprus donates 125,000 euro to CMP

    The Republic of Cyprus has donated 125,000 euro to the Committee on Missing Persons (CMP), a press release said on Tuesday.

    The CMP expressed its sincere thanks to the Republic of Cyprus for its donation made today, adding that this allocation brings Cyprus’ financial assistance to the CMP to a total of 2,410,700 euro since 2005.

    “This donation to the CMP Project on the Exhumation, Identification and Return of Remains of Missing Persons in Cyprus will contribute to the Committee’s goal of identifying and returning as many remains of missing individuals as possible in order to bring an end to the uncertainty which has affected so many families for so many years” the CMP noted in a press release.

    It added that so far, 614 missing persons from both communities have been identified and returned to their families for a dignified burial.

    The CMP relies on donor support to alleviate the suffering of families of missing persons, it said.

    CNA/KD/ΜΜ/2015
    ENDS, CYPRUS NEWS AGENCY

  • Lenders continue contacts in Cyprus for the seventh programme review

    Cyprus` international lenders continue their contacts in Cyprus as part of the seventh quarterly review of the island`s €10 billion financial assistance package.

    Technocrats of the European Commission, the European Central Bank and the IMF, collectively known as the Troika, will discuss civil service reforms as well as fiscal management. Cyprus has undertaken to reform the civil service starting with mobility among public servants and the overhaul of the appraisal system.

    Furthermore, a second group of Troika technocrats will discuss developments in the construction industry.

    Early in the afternoon Troika technocrats will assess developments in the economy with officials from the Ministry of Finance and the Central Bank of Cyprus and discuss macroeconomic issues.

    On Thursday, Troika technocrats will discuss labour issues and meet officials from the Fiscal Council.

    Later on, Troika officials will discuss tax issues, the backlog in the issuance of title deeds as well as the issue of borrowers who were not issued a title deed due to defaulted land developers.

    In March 2013 Cyprus, in a bid to avert the collapse of its banking sector, concluded with its international lenders an agreement on a €10 billion financial assistance package, that featured an unprecedented haircut on uninsured banking deposits.

    CNA/GS/MM/2015
    ENDS, CYPRUS NEWS AGENCY

  • IMF approves €278.4 M. disbursement to Cyprus

    The IMF has said that economic and fiscal outcomes in Cyprus have been better than expected.

    It also said that the high level of non-performing loans remains an urgent priority and must be addressed in order to preserve financial stability and boost growth and job creation.

    The Executive Board of the International Monetary Fund (IMF) today completed the combined fifth, sixth and seventh reviews of Cyprus’s economic adjustment program supported by the Extended Fund Facility (EFF).

    The completion of these reviews enables the disbursement of SDR 222.75 million (about € 278.4 million), which would bring total disbursements under the program to SDR 594 million (about €742.4 million), an IMF press release, issued here today, says.

    The Executive Board also approved a revised schedule of future disbursements and reviews, given the delay in concluding the current ones. Conclusion of the eighth review is now expected to take place during September 2015, with two more reviews following on a quarterly basis.

    The three-year, SDR 891 million (about €1 billion) arrangement was approved on May 15, 2013. Cyprus’s economic program is also supported by financial assistance from the European Stability Mechanism (ESM) amounting to €9 billion.

    Following the Executive Board’s discussion, Mr. David Lipton, IMF First Deputy Managing Director and Acting Chair, issued the following statement, saying that “Cyprus’s Fund-supported reform program continues to produce positive results.”

    Economic and fiscal outcomes have been better-than-expected, with growth turning positive in the first quarter of 2015 and public finances exceeding targets, he pointed out.

    “Liquidity and solvency in the banking system have improved, allowing the elimination of external payment restrictions. Going forward, it will be important to maintain the reform momentum and strong program ownership,” he added.

    “Addressing the high level of non-performing loans remains an urgent priority to preserve financial stability and boost growth and job creation. In this respect, adoption of the new insolvency and foreclosure legislation is a key step. To maximize the legislation’s effectiveness, it will be important to make any necessary adjustments to correct identified deficiencies that hinder implementation,” he said.

    Moreover, he said that “continued efforts are needed to strengthen banking supervision and build the capacity of the banking system to restructure loans in a sustainable manner. It is important that financial institutions continue to implement their loan restructuring plans, monitor progress on the basis of performance indicators, and address any deviations.”

    “The strong fiscal performance is impressive. Nevertheless, high public debt together with sizeable contingent liabilities warrants continued prudence and efforts to lock in fiscal savings from better-than-expected macroeconomic developments. Thorough implementation of the new welfare system is important to protect vulnerable groups, while public investment allocations need to be executed to support economic recovery.”

    Concluding his statement, Lipton says that “The authorities should continue to advance structural reforms to strengthen public finances and lay the ground for sustained growth. Fiscal reforms should focus on revenue administration, public financial management, and public administration. Progress in privatization and further efforts to improve the business environment and reduce unemployment are also needed.”

    CNA/AZ/MM/2015
    ENDS, CYPRUS NEWS AGENCY

  • Eurogroup decision secures Greece’s position within the Euro, Cypriot government says

    Friday’s Eurogroup decision on Greece’s financial assistance secures the country’s position within the Euro area, while reform efforts receive a new impetus, says the Cyprus government.

    According to Government Spokesman Nicos Christodoulides, the decision between Athens and the Finance Ministers of the Eurozone is “very positive and significant for Greece and for Europe”.

    In a written announcement, Christodoulides also notes that these are the very same goals that Cyprus is aiming at, through collective work, responsibility, which have produced concrete results.

    With assertiveness and by having in mind the interests of the Cypriot people, the government is working towards the economy’s full recovery, the announcement concludes.

    Cyprus agreed in March 2013 with the Troika (European Commission, European Central Bank, International Monetary Fund) a €10 billion bailout.

    CNA/AGK/GCH 2015
    ENDS, CYPRUS NEWS AGENCY