Public finances improved in April 2011, Cyprus FinMin says

Figures released on Tuesday show that public finances for April 2011 are improved compared with April 2010, Finance Ministry said today.

A press release issued on Tuesday by the Finance Ministry notes that this result ''complies with the government's estimates on the course of the public finances which given the current figures will show gradual improvement throughout 2011.''

According to the Finance Ministry, the factors substantiating this improvement are the government's continued effort for containing state expenditure, the expected acceleration of the economy's growth rate, mainly due to the very good performance of tourism, which will boost state revenues in the second half of 2011, the fact that additional revenues from certain fiscal measures, such as the small levy on banking deposits have not started flowing in government reserves, as well as the implementation of the fiscal consolidation package announced in December 2010.

Noting that the external environment remains fragile, the Finance Ministry assures that ''the government is not complacent, but on the contrary will continue the effort for the fiscal consolidation of the public finances and the solution of the economy's long-standing structural problems.''