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NSG, OAS (observer), OIF, OPCW, OSCE, PCA, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO Diplomatic representation in the US: chief of mission: Ambassador Andreas KAKOURIS chancery: 2211 R Street NW, Washington, DC 20008 telephone: [1] (202) 462-5772, 462-0873 FAX: [1] (202) 483-6710 consulate(s) general: New York note: representative of the Turkish Cypriot community in the US is Hilmi AKIL; office at 1667 K Street NW, Washington, DC; telephone [1] (202) 887-6198 Diplomatic representation from the US: chief of mission: Ambassador Ronald L. SCHLICHER embassy: corner of Metochiou and Ploutarchou Streets, 2407 Engomi, Nicosia mailing address: P. O. Box 24536, 1385 Nicosia telephone: [357] (22) 393939 FAX: [357] (22) 780944 Flag description: white with a copper-colored silhouette of the island (the name Cyprus is derived from the Greek word for copper) above two green crossed olive branches in the center of the flag; the branches symbolize the hope for peace and reconciliation between the Greek and Turkish communities note: the "Turkish Republic of Northern Cyprus" flag has a white field with narrow horizontal red stripes positioned a small distance from the top and bottom edges between which is centered a red crescent and red five-pointd star Economy Cyprus Economy - overview: The Republic of Cyprus has a market economy dominated by the service sector, which accounts for 76% of GDP. Tourism and financial services are the most important sectors; erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy grew a healthy 3.7% per year in 2004 and 2005, well above the EU average. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005. The government has initiated an aggressive austerity program, which has cut the budget deficit to below 3% but continued fiscal discipline is necessary if Cyprus is to meet its goal of adopting the euro on 1 January 2008. As in the area administered by Turkish Cypriots, water shortages are a perennial problem; a few desalination plants are now on line. After 10 years of drought, the country received substantial rainfall from 2001-03 alleviating immediate concerns. The Turkish Cypriot econom
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