Speaking to journalists at the Presidential Palace, and asked regarding the Cyprus economy, Papadopoulos responded that “all productivity indices are at high levels”.

Papadopoulos also said that Cyprus has resolutely exited the MoU and the economic recession, adding that credit rating houses rate Cyprus as one grade before investment grade.

With a balanced budget and the largest primary surplus in the Eurozone, prospects are good for Cyprus said Papadopoulos.

The Deputy Government Spokesperson did, however, stress that not all problems have been solved. Unemployment and non-performing loans are high, but both are showing a receding trend, said Papadopoulos.

Papadopoulos went on to say that reforms are necessary to avoid being in the same position the economy wasin March 2013.

Troika reviews economy

Meanwhile, Troika delegations have arrived in Cyprus to review the economy as part of the post-programme surveillance that takes place once a country has exited the bailout programme.

According to sources of the Ministry of Finance, the delegation’s contacts in Cyprus started on Monday and last until Friday, and will deal with all the issues concerning the economy, in cooperation with technocrats and officials.

The mission is also expected to meet with Finance Minister Harris Georgiades. After the completion of the visit, the Troika team is expected to issue a report.

Source: InCyprus