Employment in Cyprus followed an upward path in the fourth quarter of 2016, the Cyprus Statistical Service said recently.

Cyprus now has the chance to have a renewed leadership in the region of Mediterraneanand the Middle East, Former Minister of Foreign Affairs of Spain and former EU special representative for the Middle East Miguel Ángel Moratinos has said, suggesting the creation of a high authority for energy and water in the region.

The government’s deposits at the Central Bank of Cyprus fell by €60.9m in a month to €1.1bn in February 2017, the central bank said.

Wholesale trade continued to rise in the fourth quarter according to the latest data released by the Statistical Service, Cytsat.

On Friday, 17 March 2017, Standard Poor upgraded the Cyprus long-term credit rating to BB+ from BB marking the second consecutive upgrade since September 2016. The upgrade confirms the Cypriot economy`s growth prospects as well asthe stable and sustainable fiscal path and reaffirms the government`s commitment to a balanced budget policy.

During the fourth quarter of 2016 there was a decrease of €452 million in total NPFs, with the largest part of the fall exhibited in November and December 2016 by €211 million and €204 million, respectively.

The recent Eurogroup meeting essentially validated Finance Minister Harris Georgiades’ arguments that a set of European Commission proposals towards Nicosia for fiscal reforms are unnecessary and based on faulty methodology.

Cyprus Central Bank data shows that in one year troubled loans decreased by €3b, while in two years they decreased by €3.7b.

A delegation from the International Monetary Fund (IMF) will arrive in Cyprus at the end of March 2017 for talks with Cypriot officials and bankers as part of the island’s post bailout programme surveillance.

A total of five expressions of interest for the development of the Larnaca port and marina have been received according to the government.