Written Statement by the President of the Republic, Mr Nikos Christodoulides, on the revision of the Cypriot economy outlook by Fitch International Ratings Agency

The new revision of the Cypriot economy outlook from stable to positive by the Fitch International Ratings Agency emphatically confirms the path of progress and growth. A path based on the responsible economic policy pursued by the Government.

The confidence shown to us by the rating agencies is an acknowledgement of the government’s planning, which is being implemented with the governance programme as a compass.

With fiscal responisibility and the promotion of bold reforms and substantive policies, we strengthen the path of sustainable growth and the prospects of our country, and continue to shield our economy, thus, accelerating its dynamic course.

The revision comes only a few hours after the bills of the package of measures to deal with non-performing loans and to protect vulnerable borrowers, which were proposed by the Government, while, at the same time, the first annual state budget – which is clearly in surlplus – is being discussed.

By resisting populism and pointless scaremongering, we will continue responsibly, consistently and with vision, because this is what the collective best interest demands. This is what the high responsibility of our reform vision requires.

The successive positive ratings of the Cypriot economy translate into prospects and opportunities. The Cypriot Economy is becoming even more outward-looking, resilient and attractive for investment, which also allows for the development of targeted social policies and successful rersposnes to the challenges that we face.

With a plan, clear vision, boldness and determination, our country is moving forward creating hope and prospects for all the Cypriot people.

(IA/AP)

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