articles | 16 November 2015

Bailout progress report successful

Cyprus has completed another bailout adjustment programme progress review successfully, possibly the last one, Finance Minister Harris Georgiades said recently, but warned that reforms must continue in a bid to strengthen the island’s growth.

“The effort is yielding results, the real economy started to move, but we must continue with the same intensity,” he said. “We must safeguard and bolster the growthprospects and this requires that all reforms must continue, the prudent management of public money will be a rule, and that decisions in on economy issues in general would be responsible.”

The minister expects the eighth review to be the last since it will be formally completed after the Eurogroup meeting in mid-January, with disbursement of the tranche at the end of the same month.

It is not expected that a delegation from the troika of international lenders would have time to carry out another review before the end of the adjustment programme on March 31, 2016.

The island’s growth rate in the third quarter of the year reached 2.2%, while authorities expect “that for 2015 we will have a growth rate approaching and possibly exceeding 1.5%,” Georgiades said.

The minister thanked parties for approvinga bill on the sale of loans on Thursday, a requirement as per the terms of the adjustment programme,

Georgiades expects the legislation to be compatible with the lenders’ demands, though the official confirmation was expected in the next few days.

The minister said that by the end of the year or beginning of the next, there will be a review of the important laws that have been passed such as on foreclosures and insolvencies, to see whether there were any weaknesses that needed to be addressed.

Source: Cyprus Mail

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