Cyprus Mail

Anastasiades: difficult decisions have produced stronger economy

President Nicos Anastasiades said on Tuesday the government will continue to responsibly promote the necessary reforms to the economy that will aid all people.

Speaking at the Cyprus Employers and Industrialists Federation (Oeb) AGM, the president said: “I wish to assure you that we will continue with the same responsibility, and always in coordination with parliamentary parties, community partners, and professional organisations, to promote the necessary reforms, which will benefit all the people.”

He added that during economic reform period following the 2013 financial crisis, difficult decisions were made to save the banking system.

The latest results show that those choices however, have produced a stronger and healthier base for capital, liquidity, and profit, Anastasiades said.

The president added that the government has been able to exit the financial crisis, obtain positive growth rates now measured at 4 per cent, and lower unemployment to 7 per cent from the 16 per cent it was at in 2013.

Following the crisis, he added that the government has also been able to achieve balanced budgets, which produce benefits.

Cyprus has also been able to return to the international markets, and that last month the government was able to issue a 30-year bond, with the demand overlapping the offer and the interest rate coming to 2.88 per cent, which proves the stability course and the confidence the country has with foreign investors.

He added that the reforms required the cooperation of the public and private sectors and that the efforts produced a stronger business community.

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