Cyprus: Technical Assistance Report–Strengthening the Governance and Oversight of State-Owned Enterprises

Author: International Monetary Fund. Fiscal Affairs Dept.

Volume/Issue: Volume 2023 Issue 325

Publication date: September 2023

ISBN: 9798400254895

$20.00

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , Corporate Governance , Cyprus SOE Governance , request of the Ministry of Finance , IMF's Fiscal Affairs Department , oversight of state-owned enterprises , Cyprus asset management company Ltd , Public enterprises , Fiscal risks , Public sector , Budget planning and preparation , Corporate governance , Europe

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Summary

Cyprus’s government has enhanced financial oversight and governance of public entities over the past decade. Several legal and administrative measures have been implemented to support the oversight functions of the Ministry of Finance and introduce elements of good governance and accountability of public entities. As a result, the liabilities of public entities have remained stable and government guarantees have decreased. Looking ahead, the government plans to further strengthen the governance of public entities in line with best international practices. This report provides practical recommendations for improving corporate governance, enhancing accountability practices in public entities, and strengthening their financial oversight.