articles | 04 March 2016

Cyprus committed to reforms and budget discipline

Finance Minister Harris Georgiades said that the government will remain committed to structural reforms and fiscal consolidation even after Cyprus completes its adjustment programme, agreed three years ago, later in March 2016.

“This is the policy which has been delivering results and we know that there is more which needs to be done,” Georgriades told reporters after meeting the vice chairman of the European Commission Valdis Dombrovskis in Nicosia. “The completion of the programme is not the end of the road, but it is a new beginning, which will see dedication, commitment and effort, in the direction of further reforming the economy of Cyprus, staying clear of the mistakes of the past”.

“We had the chance to review the good progress achieved during the last three years, which saw the stabilization of the banking sector, the consolidation of public finances, the promotion of much-needed structural reform, the re-establishment of market access and, primarily, the return to positive growth rates,” the Cypriot finance minister said.

Georgiades said that he discussed with Dombrovskis the prospects of Cyprus’ re-unification, which the finance minister described as a “top priority”, and how the European Commission could help ensure that a post-solution Cyprus “could function effectively as a member of the EU and the Eurozone”.

Source: Cyprus Mail

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