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ECONOMY

Georgiades: Cyprus Will Remain Firmly On the Path of Responsibility

Georgiades: Cyprus Will Remain Firmly On the Path of Responsibility

Finance Minister Haris Georgiades has pledged that Cyprus will remain firmly on the path of responsibility and under no circumstances will allow repeat the mistakes of the past and allow fiscal loosening due to next year’s presidential elections, Cyprus News Agency reports.

Addressing the, the 56th Annual General Assembly of the Association of Certified Public Accountants of Cyprus on behalf of the President of the Republic Nicos Anastasiades, Georgiades said "we must all understand that the effort to maintain a positive outlook for the economy must be continuous."

 

He said the President and the government’s commitment is to remain firmly on the path of responsibility and continue the effort for positive changes for both the state and our economy.

 

Despite the challenges and problems, he said, a “new prospect for the country has been created and we can now talk about a powerful and dynamic recovery of our economy”.

 

Cyprus, he said, records one of the highest growth rates in the European Union at present. He said this is significant because “this growth is not artificial" and is not based on an inexorable credit expansion, as in the past. Instead, he added, for four years now we have a balanced budget and a very comfortable primary surplus.

 

The sensible and responsible management of public finances, he added, is not an end in itself, but the instrument that has allowed us to maintain stable and competitive our tax regime. This has allowed us to promote targeted incentives but also to regain confidence and access to international markets and cheaper lending.

 

On 3 March 2016, Cyprus came out from its 3-year economic adjustment programme that officially expired on 31 March.

 

Cyprus was the fourth euro area member state to exit its bailout following Ireland, Spain and Portugal. The island-state used €7.25 of the total €10 billion earmarked in the financial bailout.

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