In April 2018, the IMF issued a Concluding Statement after the second post-program monitoring mission, taking note of the rapid pace of Cyprus’ economic expansion, noting that the coutnry’s GDP is projected to grow by 4–4,25% during 2018 – 2019 underpinned by a pipeline of mainly foreign-funded, large construction projects, notwithstanding somewhat slower growth in private consumption due to better compliance by households with regard to their contractual debt obligations. IMF has also pointed out the need for improving payment discipline and reducing NPLs, as well as guarding against procyclical policies and restarting targeted structural reforms.