Addressing the 6th Economic Forum, Georgiades expressed concern from attitudes "that point that perhaps we have not learned from the mistakes of the past.”

His comments came as Cyprus completed successfully a three-year economic adjustment programme during which it absorbed €7.3 billion from the total €10 billion of the financial assistance provided by the EU and the IMF.

Georgiades stressed the need for changes in the structure, operation and corporate governance of the banking sector regulating authority, noting that this is one of the priorities.

"Perhaps this was one of the programme’s most serious omissions but even so these necessary changes can be promoted with an initiative of the Central Bank and the responsibility of all of us,” he said.

Recalling the efforts of the last two years, Georgiades said "the changes implemented created a much more healthy background for the functioning of the economy, away from the bubbles that unfortunately described the economy`s course.”

He noted that some may believe that the programme exit should mark the return to past.

"That now, they can at last open the state coffers, that we will begin to give promises and to return to the known irresponsible public finance managing policies,” he said, adding "in short to return back to the era of satisfying requests on the basis of pressure by organised groups and not on the basis of a correct and impartial review of the capabilities and priorities.”

"Perhaps we have such a short memory and forgot that the citizens always pay the bill and sometimes in a painful way,” he noted.

Furthermore, the Finance Minister pointed out that there is no need for additional fiscal measures in the next two years.

On the contrary, "the government’s aim is to give back the fiscal margins that emerge to the households and the enterprises with additional tax breaks, which certainly will give additional boost to economic activity and would contribute to job creation.”

"However the continuation of the prudent public finances management and not repeating those irresponsible practices that lead our economy to fiscal derailment is a necessary precondition,” he stressed.

The Finance Minister also said the consolidation efforts should continue and to take the form of permanent structural reforms.

Georgiades also referred to the new government welfare policy, noting the next step should entail the reform of the public service, recalling that seven bills are pending in the Parliament for discussion.

He expressed hope the Parliament that emerged following the May 22 elections will complete the discussion of the reform framework that would allow the lifting of the extraordinary measures that have been implemented in the previous years, without returning the irrational practices of the past.

Noting that in the last three years Cyprus implemented a challenging programme that enabled the country to make decisive steps towards economic recovery, Georgiades stressed that what is at stake "is to continue this effort.”

"It is exceptionally important to maintain our credibility, the prudent management fiscal management and to constantly promote reforms, away from irresponsible practices, populism and slogans,” he said, adding "in this way we will further boost the growth prospects rendering the economy more competitive and attractive to foreign and domestic investments and creating new opportunities and jobs to the benefit of our fellow citizens.”

Concluding, Georgiades said he hopes that "the new Parliament will not only block this great effort but essentially will assume a leading role pressing towards reforms and changes our country needs.”

Source: Famagusta Gazette