The International Monetary Fund (IMF) said that a year after completing its adjustment programme, Cyprus still needed to reduce both private and public debt to strengthen economic growth and confidence.

Revenue from tourism rose 22% year-on-year, in January to €35.4m, the statistical service said.

The unemployment rate in Cyprus dropped to 12.9% in February, from a downward revised 13.1% in January and 13.4% in February last year, the European Union’s statistical office said.

European and Israeli governments gave their support to moving forward with a Mediterranean pipeline project to carry natural gas from Israel to Europe, setting a target date of 2025 for completion.

Industrial producer prices increased in Cyprus by 0.3% in February 2017 on a monthly basis and by 1.6% on an annual basis, according to Eurostat.

The IMF has warned banks in Cyprus not to rely on rising property prices and economic growth to cut their high levels on non-performing loans (NPLs).

Cyprus’ three systemic banks have submitted three-year plans to the European Central Bank (ECB) on how to reduce their non-performing loans (NPLs), with pressure from regulators who are beginning to warm to the idea of a single, bad bank.

The visit to Cyprus this coming week by a senior US energy official is an important development and a signal from the US government of its support for the island’s hydrocarbons development, Government Spokesman Nicos Christodoulides said recently.

Earnings in Cyprus have risen for the first time in four years according to preliminary estimates from the Statistical Service, Cystat.

Energy Minister Yiorgos Lakkotrypis has said that there is increased interest from Italy for an EastMed pipeline, making it more likely that the ambitious infrastructure project moves ahead.