NICOSIA, Sept. 30 (Xinhua) -- Cyprus' international lenders on Friday concluded a week-long review of the eastern Mediterranean island's economy, their first after the end of a three-year economic adjustment program under a 10-billion-euro bailout.
Technocrats representing the European Commission, the European Central Bank and the International Monetary Fund met with Cypriot Finance Minister Harris Georgiades and Central Bank Governor Chrystalla Georghadji to brief them on their findings.
No statements were made after the meetings, but the technocrats are expected to issue a report informing the Eurogroup and the IMF about their findings.
The report will not carry mandatory measures for the Cypriot authorities to follow, but a favorable report will help upgrade Cyprus' rating to investment grade, reducing the cost of borrowing from international markets.
The technocrats, collectively known as the troika, will return every six months to evaluate the progress of the Cypriot economy until Cyprus repays 75 percent of the 7.6-billion-eruo assistance it received from the European Stability Mechanism and the IMF.
Sources said the troika's review focused on effort by the government to reform the public administration and to restructure state owned businesses, mainly telecommunications and electricity production.
Just before meeting the troika, Georgiades submitted his 2017 state budget to parliament for debate and approval, urging the House Speaker to speed up the process.
Public revenue for 2017 is estimated to reach 6,964 million euros marking an increase of 1.1 percent compared with 2016, whereas total general government expenditure in 2017 will reach 7,069 million euros, recording an increase of 2.3 percent over 2016.
"This is another budget that is essentially balanced. We spend all our revenue but no more than that and I think this creates the conditions for a healthy, sustainable management of public finances to help and support the growth of the economy," Georgiades said.
