BRUSSELS Feb 11 Cyprus's adjustment programme
is on track and the government's fiscal performance is better
than anticipated, the country's international lenders said on
Tuesday, but they cautioned that there were substantial risks to
Last year, the Mediterranean island became the fifth country
in the euro zone to seek a financial lifeline from the EU and
IMF after it lost billions of euros on Greek bonds.
The joint statement from the European Commission, the
European Central Bank and the International Monetary Fund said
Cypriot GDP was expected to contract 4.8 percent in 2014, before
rebounding to 1 percent growth in 2015.
Growth contracted by 6 percent in 2013, less than expected.