A positive review for the Cyprus economy

On the 29th of September 2017 in a press release, the European Commission and the European Central Bank called on Cyprus to renew the reform effort, continue fiscal discipline and quicken the drop of the high stock of non-performing loans in a bid to sustain economic growth. They recognised that the economic growth surpassed the expectations, facilitating better than expected fiscal surpluses for the public sector.

The Minister of Finance, Mr. Harris Georgiades, highlighted the recovery of the economy, the improvement of the labour market and the maintenance of a prudent management of public finances. He further stated that the latest conclusions of the ‘European Commission and European Central Bank review’ on the Cyprus economy were the most positive since 2013. This led him to state that the policy should continue to promote the reforms and intensify efforts to address the issue of Non-Performing Loans and maintain budgetary discipline.

The Minister was also invited to comment on the visit of the President of the European Investment Bank, who was present in Cyprus for an official visit on the 2nd of October. The reason for his visit was to sign a new guarantee agreement, which can scale up to €26 million for the expansion of the Cyprus Institute of Neurology and Genetics (CING). In regards to this the Minister stated:

“We will take another important step towards encouraging research and development by facilitating one more significant investment in research infrastructure in a way which allows for the expansion of the productive base of the economy and the exploitation of scientific potential”.

In regards to the institute of Neurology and Genetics, he mentioned that this concerns the provision of high-quality health services to fellow citizens.