In a written statement Georgiades expressed his satisfaction. Quite apart from being an obligation of Cyprus vis-à-vis its international lenders, known as the Troika, the privatisations programme constitutes an opportunity to attract investments, enhance performance and competitiveness and less state in important sectors of the economy, the Minister pointed out. At the same time he notes that now the Republic’s financing is ensured, while the path towards stabilisation, restoring credibility and economic recovery remains open.

The Cyprus Parliament recently adopted a bill on the privatization of semi-government organisations (SGO’s) with 30 lawmakers in favour, 26 against and no abstentions. The privatization of SGO’s is one of the preconditions set out in Cyprus’ bailout agreement with international lenders (European Commission, ECB, IMF). March 5 is the deadline for meeting this commitment set out in Cyprus’ bailout programme.

Source: Famagusta Gazette