Cyprus Stability Programme submitted to EU

The government has submitted to the European Commission its Stability Programme, which includes the basic targets to reduce the budget deficit to 6% in 2010 and below 3% by 2013.

According to an official announcement issued on Tuesday by the Ministry of Finance, the Stability Programme was submitted to the Commission on Thursday, 1st of April, through the due process and it is already in the hands of the competent officials.

As it is noted, the Stability Programme is a living document, which beyond its fundamental structure and measures, is open to change, adding that it is imperative to continue the dialogue both with parties and the social partners as well as the European Commission.

The Ministry’s announcement points out that the government remains committed to the efforts to reach consensus solutions on the economy in order to address the chronic structural problems to help economic recovery.

Therefore, after tomorrow's meeting between the Finance Minister and the leaders and representatives of all parliamentary parties, meetings with all social partners and other organized groups will follow in the next days in the context of the dialogue and discussions that have been going on for some time now, the announcement concludes.

The four main targets of the Stability Programme relate to tax evasion, cutting down operational costs and non productive expenses in the civil service, boosting development and consolidating a more effective social state.

In his remarks last week, the Finance Minister Charilaos Stavrakis expressed hope that the main bulk of the Programme will satisfy the Commission, noting though that there are always recommendations and amendments suggested by Brussels.