Cyprus government to continue addressing economic challenges

Government Spokesman Stephanos Stephanou has said that the government will continue addressing economic challenges in a responsible and decisive manner.

“The government will continue addressing the economic needs and challenges in a responsible manner, very cautiously and decisively”, he said in statements after the memorial service for the late President of the Republic of Cyprus Tassos Papadopoulos.

Noting that the economy of Cyprus is among the best economies in the EU, he said that the government aims at bringing the country back to the path of economic growth.

Commenting on the reactions on behalf of some political parties and trade unions against the government’s economic package, he said that Cyprus, in contrast to the rest of Europe, has not experienced salary cuts or massive demonstrations because the government had already taken the right measures to address the economic crisis.

Noting that the state budget for 2011 provides for an increase of only 1.1% in operational expenses of the public sector, he recalled that during the past years those expenses recorded an increase of 7.5-8%.

Stephanou explained that the government’s economic package aims at increasing revenues, limiting expenses and consolidating the economy.