Written statement by the President of the Republic, Mr Nikos Christodoulides, on the Cyprus economy

30/09/23 10:30 | Press release | President of the Republic / Presidency

I express deep satisfaction for the two-notch upgrade of the Cyprus economy and the reinstatement of the credit profile of our country to investment grade, by the Moody’s Credit Rating Agency, after 12 whole years.

This was achieved through the sacrifices of the people of Cyprus, whom I warmly thank, as well as through the prudent, responsible, and disciplined public fiscal policy of the last years.

The recovery of the investment grade will translate into prospects and opportunities through the attraction of quality investments and the creation of new jobs.

As a Government, we have followed this non-negotiable track during these seven months that we have been governing the country and we will continue to conduct policy this way. We will continue to shield our economy and intensify its dynamic course.

Only through such responsible policies, and away from populism, can growth, security, as well as the prosperity of the people of Cyprus and the ability of the Government to exercise effective social policy be secured.

Our basic priority remains the support of the vulnerable groups of society and the strengthening of the middle class, in parallel with the promotion of entrepreneurship.

Fiscal stability and prudent management of public finances are the basic principles that also guide the first State Budget of our Government.

We are implementing an ambitious governance plan that includes policies and reforms in priority sectors that would improve the lives of the citizens and reward the great effort of all of us.

(RM/MV)

Written statement by the President of the Republic, Mr Nikos Christodoulides, on the Cyprus economy

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