Finance Minister Harris Georgiades said yesterday there had not been any delays in the implementation of Cyprus’ bailout adjustment programme but some practical difficulties would be tackled in co-operation with EU partners.

With the appraisal underway in Cyprus' block 12 to confirm natural gas deposits and exploration partners keen to develop a land-based liquefaction plant for exports, the Cyprus labour market will gradually shift to more construction and engineering jobs.

Minister of Finance Harris Georgiades is determined to bring stability back to the banking sector and safeguard the trust of the international business community.

Cyprus passes law to allow designated security zones around oil and gas installations in its Exclusive Economic Zone.

Cyprus government announces measures to ensure banks and their clients reach fair compromise in restructuring existing loans.

Cyprus will overcome the financial crisis, says President Anastasiades.

To further enhance the shipping infrastructure, the Cyprus Shipping Chamber has signed an Alliance of Cooperation with the Cyprus University of Technology to boost cooperation and to set up a marine engineering course.

Cyprus House President Yiannakis Omirou and a parliamentary delegation visited Moscow at the invitation of the Chairman of the State Duma Sergey Naryshkin.

The practical difficulties the banking sector is facing regarding the implementation of a loan agreement Cyprus has signed with its international lenders will be the main issue of discussion at today’s meeting, in Frankfurt, between the President of the Republic of Cyprus Nicos Anastasiades and the President of the European Central Bank (ECB) Mario Draghi.

The Association of Cyprus banks (ACB) expressed strong reservations on Monday about a proposed bill to reduce lending rates by providing disincentives for financial institutions that offer high deposit rates.