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.

TUS Airways will launch direct flights from Paphos to Israel in the summer, it was announced recently

The government approved contracts that granted three energy companies concessions for gas exploration in Cyprus' continental shelf, Minister of Energy, Yiorgos Lakkotrypis has said.

Standard & Poor’s rating agency upgraded its assessment of Cyprus to BB+ from BB, with a stable outlook.

At the end of March the Cyprus economy, its fiscal reforms and the financial system will go through the standard tests of the Commission and European Central Bank which are conducted every six months.