The programme, it said, was designed to achieve three main objectives: stabilise and reform the Cypriot financial sector, ensure sound fiscal consolidation, and implement reforms to support competitiveness and growth.

“Thanks to the efforts of the Cypriot authorities to implement the necessary structural reforms, confidence has returned and a lot has been achieved: growth is picking up, the banking system has further healed and the fiscal outlook has remarkably improved,” the announcement said.

“I commend and congratulate Cyprus on its commitment to do what was needed in terms of structural reforms to turn the economy around and to return to economic growth and job creation,” said Vice-President Valdis Dombrovskis, responsible for the Euro and Social Dialogue.

“Cyprus has implemented the programme with clear determination and positive results: financial stability is restored, unemployment is declining and we expect Cyprus to continue to grow in the coming years,” he added.

Commissioner Pierre Moscovici, responsible for Economic and Financial Affairs, Taxation and Customs, said: “This is a good day for Cyprus and for Europe”.

He said that, with the conclusion of the programme, the country has moved beyond the crisis and the country is now in a stronger position.

“We are confident that Cyprus will be able to face any remaining challenges,” he said.

The press release said that the European Commission is ready to support Cyprus in achieving sustainable economic growth.

With the programme at an end, Cyprus will be reintegrated into what is known as the regular cycle of Economic Policy Coordination.

Surveillance will not end, however, as Cyprus will also be subject to post-programme surveillance in line with the Two-Pack Regulation which governs fiscal issues.

The Commission said that Cyprus will also continue to benefit from support in implementing ongoing reforms from the Commission’s Structural Reform Support Service.

Source: InCyprus