Government Spokesman Konstantinos Letymbiotis has expressed the government’s unwavering commitment to economic growth and to the implementation of policies and reforms that would improve the citizens’ everyday life.
In a written statement following the IMF’s statement after the conclusion of a mission to Cyprus in the context of the article IV consultation, Letymbiotis said the government is also focused on the increase of renewables in Cyprus’ energy mix and to contain inflationary pressures.
He also noted IMF’s remarks that the growth rate in Cyprus is above the majority of the EU member-states, as inflation is converging to the ECB’s 2% medium-term target, as well as the comments over strong fiscal performance which reduce Cyprus’ public debt-ratio.
He also highlighted the IMF’s view that strong fiscal policy remains instrumental for macroeconomic stability, pointing to the government’s ‘fiscal discipline, the reduction of public debt, the sizeable fiscal buffers and the proven economic resilience whic
h has driven credit rating upgrades and the improvement of the market climate.’
On its part, the Finance Ministry in a press release welcomed the IMF’s remarks and recommendations and particularly that the Cypriot economy has proven ‘particularly resilient’ despite the challenges while macroeconomic metrics are in a sound course.
On the IMF’s recommendations, the Ministry expressed agreement over remarks that wages should be linked to productivity, the need for the improvement of the governance of state-owned organisations, strengthening the National Health Scheme’s economic autonomy and enhancing the supervision of professional sectors such as lawyers and accountants.
Source: Cyprus News Agency