Cyprus Mail

Privatisation budget cut by parliament a ‘costly, outdated’ practice

The finance ministry in Nicosia

PARLIAMENT’S decision to vote down the funds earmarked for consultancy services by the government’s privatisation unit on Wednesday is a costly and outdated practice that may send negative signals to foreign investors, a government official said.

“Privatisations would send a very strong message to the markets” and rating companies, which still rate Cyprus’s sovereign rating below investment grade,” undersecretary to the president Constantinos Petrides said on Thursday.

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