Cyprus can remain an excellent destination for international investors, Finance Minister Harris Georgiades told a conference in Nicosia yesterday titled, ‘The Future for Russian businesses in Cyprus’.

All capital controls should be lifted in the first months of 2014 with the exception of cross-border money transfers, says Finance Minister Harris Georgiades.

The Cypriot authorities have made commendable progress in implementing near-term stabilisation policies and they remain committed to taking further steps to restore financial stability and the sustainability of public finances to support long-run growth, IMF Chief Christine Lagarde said.

The IMF announced that it had approved the disbursement of €84.7 million in financial help to Cyprus.

Tourism arrivals fell 5.3% in the first eight months of 2013, compared to the same period last year, following the harsh bailout of Cyprus this March, said head of the Cyprus Tourism Organisation Alecos Oroundiotis yesterday.

The Natural Gas Public Company DEFA has stuck to its recent decision to end talks with preferred bidder Itera.

More than 85 exhibitors will gather next weekend in 6,500 square metres of space to showcase products and services to help cut the cost of power, a sensitive issue in times when people’s incomes are falling ans the cost of power increases.

Cyprus may need to only partly privatise state-owned enterprises to meet one of the conditions of its international bailout, President Nicos Anastasiades said on Sunday.

Foreign Minister Ioannis Kasoulides yesterday said ties between Cyprus and Israel should not be limited to energy or security but should also embrace cultural diplomacy.

The Eurogroup has approved disbursement of €1.5 billion to Cyprus and warns that timely policy implementation is essential due to uncertain short-term economic outlook.