Cyprus satisfied with evaluation of its economy by international organisations

Finance Minister Charilaos Stavrakis has expressed satisfaction over a series of recent reports by international rating organisations as Fitch and Moody's concerning the economy of Cyprus.

He also said that the assessments of the International Monetary Fund about the Cypriot economy are aligned with the views of the Finance Ministry “that we are passing a period of stability” concerning the economy and that the minor recovery of the economy during the first three months of 2010 will continue during the second half of the year and will accelerate in 2011.

Stavrakis also said that the government aims at gradually withdrawing the emergency 400 million euro package of measures aiming to boost the economy of Cyprus.

He also noted that during the first five months of the year the public deficit dropped by 0.6% of the GDP on an annual basis.

Stavrakis said that after the positive response of the European Commission to the Republic of Cyprus’ Stability Programme, Cyprus' very high creditworthiness was confirmed by Fitch international ratings agency.

He also recalled the Moody’s evaluation, which describes in its preliminary report the current situation of the Cypriot economy in a positive way , while he also noted that the report of the International Monetary Fund (IMF) includes many positive comments about the Cypriot economy and is more positive than IMF reports the for Cyprus during the previous years.

Stavrakis assured that the government and the Finance Ministry will continue responsibly their dialogue with all competent parties and political groups with a view to build on this positive assessment of the economy of Cyprus.

To a remark that the IMF has asked for some courageous decisions by the government, Stavrakis said that some very courageous decisions have already been taken by the government.

Replying to a question, Stavrakis said that according to the Statistical Service the public deficit dropped during the first five months of 2010 by 90 million euro or 0.6% of the GDP, compared to the previous year.”