2015 will be a year of economic recovery, reform and change, said Finance Minister Harris Georgiades, saying there will be no new taxes or cutbacks in the 2015 budget.

Finance Minister Harris Georgiades said the government is considering requesting international lenders to allow Cyprus use €1 billion of bailout money initially earmarked for the recapitalisation of the cooperative banks to refinance existing debt.

International banks in Cyprus could contribute greatly to the recovery of the island’s economy, said the association Chair, urging the government to lift the capital controls so they can realise their full potential.

British gas company BG is in advanced talks that could boost supplies topower-hungry Egypt by allowing rival BP to use its pipelines, the head of BG Egypt told Reuters.

Central Bank of Cyprus Governor Chrystalla Georghadji will engage in bilateral talks with commercial banks aiming at lower interest rates in the Cypriot banking system.

The cabinet has approved legislation that regulates the operation of casinos on the island, which will now be submitted to parliament for discussion and approval in the coming months.

Energy minister Yiorgos Lakkotrypis and his Greek counterpart Yiannis Maniatis met the Vice President of the European Commission for the Energy Union Maroš Šefčovič and discussed the exploitation of the natural gas resources of the eastern Mediterranean.

The Government believes that the privatisation of commercial services and the expansion of ports will bring economic growth, Minister of Communication and Works, Marios Demetriades has said.

Finance minister Harris Georgiades said the European Stability Mechanism (ESM) approved the disbursement of a €350 million tranche to Cyprus, after the international creditors froze Cyprus’s bailout three months ago.

Cyprus’ economy shrank a revised 0.3% in the third quarter of 2014, data showed recently, suggesting the grip of a three-year recession was easing.