Georgiades: Cyprus Within Its Economic Targets

24/08/2017
Cyprus’ public finances are completely within the target set and are under control, Minister of Finance Haris Georgiades said after Saturday’s Cabinet meeting, at the presidential retreat in Troodos, where he presented the financial report for the first half of 2017. Speaking to the press, he said the targets set in the 2017 state budget and presented to the European Commission, are being met in a way that allows the government to promote new policies, new projects, without deviating from the goal to have a balanced budget and to avoid taking any measures. This, he added, “is the result of the strong recovery of the economy which has had a positive effect on public revenues, and a flow of revenue that ensures that we can continue to pursue a policy of economic recovery and growth in a safe manner".

Asked whether projects already announced have been included in the budget, Georgiades underlined that this was the result of prudent economic policy, adding that without deviating from the set targets, “we can comfortably implement new projects”. “This is our reply to those who complain and this is the difference between the policies we now follow and those of the past, which were policies of deficit, debts, taxes and deadlock,” the Minister added. Asked is the growth rate would reach 3.5% and whether his assessment was more conservative, Georgiades said his estimates were more conservative and stood at a rate of 2.9%. "We have more than met this goal for another year.

The real economy is moving. These are not just numbers, this is the real performance of the economy,” he noted. The Finance Minister said “tourism, services, all these productive sectors have recovered in a strong way”, adding that growth rates will be higher than expected, close to 3.5%”. Georgiades said it is important to continue the effort which produces results. "An effort that yields, that brings results, we are on track. But we still have a distance to cover and we will continue," he concluded. In his remarks to the press, Acting Government Spokesman Victoras Papadopoulos said the government is taking decisions for further reforms and a healthier economy. He said the Cabinet reviewed the work done over the recent past, noting that all targets were successfully achieved, surpassing expectations. Asked if the new policies have to do with next year’s presidential elections, Papadopoulos said “the state does not stop functioning during elections, it continues”, adding that since the foundations have been set, the reforms must continue and the government is planning for the country’s future.