Warning from IMF to South Cyprus
International Money Fund (IMF) gave a warning to the South Cyprus for state assurances given to government business enterprises, companies, other organizations and persons without following the necessary procedures and making enough supervision. According to the Greek Cypriot daily Politis, in its report prepared for South Cyprus regarding financial activities, IMF determined 3 billion Euros deficit caused by state assurances and within this context, IMF proposed to establish “State Assurances Unit” to supervise the assurances.
