The creation of a government body that will facilitate the absorption by the hotel industry in Cyprus of funds from the ‘Juncker package’ – a €315bn investment plan to spur growth across the European Union – and the improvement and upgrade of the tourist product, was announced by President Nicos Anastasiades recently.

The International Monetary Fund (IMF) recently approved the disbursement of €278m to Cyprus after completing the fifth, sixth and seventh progress reviews of the country’s economic adjustment programme.

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President Nicos Anastasiades said that his decision to appoint a resident Ambassador to the Kingdom of Saudi Arabia was a step which reflects Cyprus' desire to deepen political, economic and diplomatic ties with the country.

The number of people employed in Cyprus increased by 0.3% in the first quarter of 2015 compared with the previous quarter.

Tourist arrivals in May 2015 increased by 4.9%, compared to the same month last year.

A Memorandum of Understanding (MoU) was signed between the Cyprus Institute of Marketing (CIM) and ForexTime (FXTM) on Tuesday 16 June 2015 at FXTM Headquarters in Limassol.

The Commerce Ministry is looking into ways of boosting competition in the fuel market, including enabling some petrol stations to operate freely of importers.

President Nicos Anastasiades met recently with the DELEK’s president to discuss issues concerning the company’s involvement in developing and producing natural gas for commercial purposes.

Moody’s Investors Service has upgraded Hellenic Bank Public Company Ltd’s long-term deposit rating to Caa2 from Caa3 due to the bank’s large volume of deposits and has affirmed the bank’s caa3 baseline credit assessment (BCA).