EU Finance Ministers have approved Cyprus’ €1.2 billion Recovery and Resilience Plan to exit the pandemic during a scheduled videoconference on Monday.

Rating Agency Moody’s has upgraded Cyprus’ long term credit rating by one notch to Ba1 assigning stable outlook, citing reduced exposure to event risks because of a decrease in banking sector risks, the resilience of the economy during the Covid pandemic as well as robust medium-term GDP growth prospects being supported by sizeable European funds.

Ireland’s Eurogroup President Paschal Donohoe praised Cyprus’ “impressive recovery” from the coronavirus outbreak, saying it was down to good national policies coupled with EU decisions.