Cyprus submits Convergence Plan

The Cyprus Government has submitted the National Reform Program 2007-2010 to the European Commission (EC). Amongst other major macroeconomic issues the Government has committed apply the 63rd year for retirement while promising to continue the successful implementation of the fiscal policies and reforms with the primary target to strengthen the implementation of the Lisbon strategy.

Additionally, the Government within its renewed Convergence Plan aims to intensify the dialogue with its social partners aiming to promote parametric reforms of the Social Insurance System.

The Government through its 2007-2010 Convergence Plan targets to curb public debt below 50% of GDP by 2010, and in addition is aiming to eliminate the fiscal deficit by 2010. Finally, GDP growth is anticipated to remain at similar current levels (4%), whilst inflation is seen contained at 2%.