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NNA - Information Minister Dr. Manal Abdel Samad Najd: Government extends general mobilization until April 26
NNA-Speaking in the wake of today’s Cabinet session at Baabda Presidential Palace, Information Minister Dr. Manal Abdel Samad Najd,...
ATA - Ministry of Health: 9 new cases, in total 409 positive with COVID-19
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Lusa - Business News - Covid-19: Humberto Delgado airport closed -3
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NNA - تقرير مستشفى الحريري: 67 حالة شفاء تام حتى تاريخه و 27 اصابة في العزل و20 حالة مشتبه باصابتها نقلت من مستشفيات اخرى
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NNA - وزارة الصحة: 582 إصابة كورونا بزيادة 7حالات
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Lusa - Business News - Covid-19: Humberto Delgado airport closed -2
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ATA - Paying taxes, electricity bills is non-negotiable, closed businesses to be excluded from taxes
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Lusa - Business News - Covid-19: Humberto Delgado airport closed -1
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MAP - Covid-19: Economic Growth Declines to 1.1% in First Quarter (HCP)
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CNA - Ministry's of Agriculture bill aims to help Cyprus’ farmers export kosher meat to Israel
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CNA - Ministry of Finance gives further clarifications and details on recent bonds issue
CNA-Nicosia
The recent issue of bonds by the Republic was solely intended to offset the reversal of the fiscal balance...
CNA - Total 123 covid19 patients received hospital care, 56 discharged, according to figures released by Health Ministry
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CNA - الحكومة القبرصية تطلق مركز خدمة اتصال جديد لحركة المواطنين بشكل استثنائي
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CNA - Government to spend €850 million in direct support by June amid coronavirus crisis
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CNA - Cyprus trade deficit at €540 million in February, according to preliminary data
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وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
ذكر وزير الصحة كونستانتينوس ايوانو اليوم الخميس أنه من المتوقع البدء بالتحاليل العشوائية لفيروس كورونا منذ يوم الاثنين على أبعد تقدير،...
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CNA - وزير الصحة يصرح بأن قبرص قامت بتأمين ما يكفي من الكلوروكين لـ 240 ألف شخص
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Lusa - Business News - Portugal: Until Tuesday movement restricted to area of residence, no flights
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أعلن رئيس الجمهورية نيكوس أناستاسياديس مساء أمس أنه تم تمديد الإجراءات الخاصة المتعلقة بكبح انتشار فيروس كورونا في الجزيرة حتى...
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CNA - FinMin seeks political parties’ support for reforms to ensure sustainable growth




CNA - Cyprus/NICOSIA
Cyprus` Finance Ministry has said that the substantive support of all political parties will be decisive in order for reforms on the effectiveness of local administration, the public sector and the justice system to be implemented as soon as possible, therefore contributing to ensuring conditions of healthy and sustainable growth.

In a press release, the Ministry comments on the European Commission’s report on the Cypriot economy, pointing out that “the government remains committed to the European family’s policies, respecting any of its recommendations.”

The report, it says, "acknowledges that economic growth remains resilient until now and with a rate which is projected to reach 3.2% of GDP, remaining strong.”

The dangers according to the report and recent European Commission projections, the press release adds, are first and foremost external and are reflected in the drop of external demand which likely will affect the sectors of manufacturing and tourism.

It is further noted, the press release says, that the strong rate of economic growth has contributed in the creation of positive developments in the labour market, adding that in 2018 employment was up by 4.1% bringing employment to 73.9% and above the European average of 73.2%. At the same time, it continues, unemployment continues a downward course reaching 7.5% in 2019 and is expected to gradually drop to 5.7% in 2021, thus approaching pre-crisis levels.

The report, the press release says, also notes that the Cypriot economy continues to present with great economic imbalances which, if they are not dealt with, will likely obstruct its medium-term economic prospects.

“As it is stressed, these imbalances, are a result of the 2013 crisis and have to do with the high reserve of private and public debt and non-performing loans,” it adds.

However, the Finance Ministry’s press release says, the report also acknowledges the reduction of private debt as a result of positive growth rates and legislative and other steps taken; the positive prospects of public debt reduction on the basis of achieved fiscal outcomes with the Commission projecting that public debt will drop to 82% of GDP by 2021.

It also acknowledges, it says, the significant progress achieved in the last two years in reducing the reserve of non-performing loans and the partial improvement of the Cypriot economy’s net international investment position.

Additionally, the press release continues, the report notes that “important reforms need to be accelerated in order to attract productive investments and to guarantee a long-term sustainable growth rate.”

It refers in particular to the reforms the government has already initiated with Bills before the parliament such as the local administration reform, the public sector reform and the justice system reform.

“In this context, all the country’s political forces substantive support, away from past dogma and scaremongering, is decisive so that these reforms can be implemented as soon as possible, thus contributing to ensuring conditions of a healthy and sustainable growth,” the Finance Ministry’s press release notes.

CNA/EPH/GV/2020
ENDS, CYPRUS NEWS AGENCY

________________________________________

Cyprus News Agency, 21 Academias Avenue, 2107 Aglantzia, Nicosia
Tel. 22556000, Fax. 22556100, email:news@cna.org.cy, website: www.cna.org.cy



Agency : CNA

Date : 2020-02-28 09:28:48







 

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