Sustainable Bond Framework
Solid institutional framework and effectiveness
•
Cyprus is at satisfactory levels in terms of the
Worldwide Governance Indicators of the World Bank.
governance
The Republic of Cyprus has a presidential system of
with divisions
the
of authority in
executive, legislative and judicial branches. The
constitution vests executive power in a President who is
elected for five years. Legislative power is exercised by
the House of Representatives and judicial power lies
with the Courts.
Next scheduled elections: Local (2024), Presidential
elections were held in Feb. 2023.
Government effectiveness shown by track record of
correction of imbalances with swift improvement of
public finances in the years 2006-2008 and 2013-
2015. The response to COVID-19 and repercussions
after Russia-Ukraine crisis have also been efficient and
successful in dealing with them.
Cyprus' legal system is modelled on the English legal
system and European Law; also practises Common
Law.
Worldwide Governance Indicators for Cyprus (2021)
Control of
corruption
Government
effectiveness
Regulatory
quality
Political stability and
absence of
violence/terrorism
Rule of law
Voice and
accountability
0-10th percentile
50-75 percentile
10-25th percentile
75-90th percentile
65
58
73
75
77
74
25-50th percentile
90-100th percentile
Source: The World Bank (WGI, 2022 update)
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