President of the Republic Nicos Anastasiades has called on everyone to cooperate in order for the country to exit the crisis, expressing the conviction that if the Memorandum of Agreement, the basis of Cyprus` international bailout, is followed strictly then the country will exit the crisis sooner than expected.
He was speaking at an event inaugurating a Golf Resort, in Tsada, Pafos.
We are all aware of the sacrifices our people has been subjected to as a result of the economic crisis, so that we can face difficulties, overcome obstacles and return to growth, he said, adding that the course of public finances is fully in check.
What is needed from now onwards, he pointed out, is to create conditions of further stabilisation of the country`s financial system and of encouraging foreign investments so that new jobs can be created.
“This can only be achieved through consistency and stability”, he said.
At the same time, President Anastasiades said that he shares the concerns of Parliament and all those who express them, calling however on everyone to respect what the country is obligated to accept on the basis of its contractual obligations so that it can receive the necessary funds from its lenders.
He assured that the government is doing its utmost to achieve the goal of exiting the crisis referring to this extent on all the positive outcomes so far including the positive Troika (EC, ECB, IMF) reviews and upgrades from credit agencies.
He pointed out that the fact that consumer indexes are following an upward trend, that unemployment is under stabilisation, that the recession is less than various credit agencies and Cyprus` lenders had projected, all constitute proof that if the adjustment programme is strictly followed then Cyprus will manage to rid itself from its MoU obligations not just in 2015 but even sooner than some would estimate.
President Anastasiades continued to say that what is necessary during these crucial times, as he put it, is for everyone to work together in order to overcome certain concerns, expressing the view that through collective work the protection of vulnerable groups has been achieved.
Cyprus` lenders have set the entry into force of a new bill for foreclosures as a precondition for the next disbursement. However the Cypriot parliament approved a basic bill on foreclosures along with a series of additional bills which have been deemed by the Troika as non-compliant with the programme`s requirements.
The compliance with the programme requirements hinges on an opinion of the Supreme Court on the constitutionality of four legislative proposals tabled by MPs and adopted by parliament. The Supreme Court convenes to review the matter on October 20.
Meanwhile the plenary of the House Representatives is expected to debate another two bills on September 25, which the President has sent back. If MPs adopt the bills once more, the President will have to sign the bills or refer them to the Supreme Court to decide on the dispute.
So far Cyprus has received five tranches amounting to 5,77 billion from the EU and the IMF. The sixth tranche amounts to €436 (€350 from the ESM and €86 from the IMF).
