Cyprus & World News

Reforms to consolidate Cyprus economy in full swing, FinMin says

05 May, 2014

Efforts to reform and consolidate the Cyprus economy are in full swing, Finance Minister Harris Georgiades said on Sunday, ahead of the fourth mission review of the country`s programme by the Troika of international lenders (European Commission, ECB, IMF) next week.

Georgiades added that reforms included in the country`s adjustment programme should have been already implemented by own initiative.
“It is imperative for the country to proceed with reforms. This is not an obligation towards third parties,” the Finance Minister pointed out.

He noted moreover that reforms are difficult but necessary, adding that the effort has started to produce results.
Asked about the President`s visit to Germany, on Monday, the Minister said that the government is in constant contact with all member states and key partners.

The visit, he said, is very important and expressed optimism that some concrete decisions for economic cooperation will be taken during talks in Berlin.
Cyprus is currently implementing a 3-year fiscal adjustment program, following a bailout deal, reached last year with its international lenders, known as the Troika (European Commission, ECB, IMF).