“We must remain committed to fiscal and financial stability”, emphasizes the former Minister of Finance in his written statement, which was sent through DISY
“The double upgrade of the Cypriot economy by the rating agency Moody's is a great success for our country and a confirmation of the correct policies that have been followed in recent years”, said the former Minister of Finance, Konstantinos Petridis.< /p>
Specifically, in his written statement, which was sent through DISY, he said:
The double upgrade of the Cypriot economy by the rating agency Moody's is a great success for our country and a confirmation of the correct policies followed recent years. The right thing for the current government is to modestly read the reasons for the upgrade and the suggestions for the future.
The house refers to the prudent fiscal management and sound policies implemented to deal with the pandemic as well as the recent crisis with Russia's invasion of Ukraine. This management resulted in the temporary and only interruption of the public debt reduction process, while the resilience of our economy to external crises is highlighted.
Durability which is certainly not accidental. It is the result of the reforms in all sectors and the structural changes promoted, including the labor market. At the same time policies to attract foreign investment, development projects completed or underway as well as the promotion of changes friendly to private investment, strengthened the potential growth rate and development dynamics.
The serious and reliable treatment of the problem of non-performing loans and the improvement of their management framework, far from populist proposals, consolidated financial stability and contributed decisively, as in the past, to the upgrading of the Cypriot economy.
The proper management of the public debt is also emphasized, in the context of the upgrade. The issuance of long-term bonds to extend the average maturity, as well as the maintenance of sufficient cash reserves to meet the challenges. Our right decision has been confirmed to significantly increase the state's cash reserves during the outbreak of the pandemic and to proceed in a coordinated manner in dealing with the risks and subsequently to put the debt back on a downward path and the economy on a high growth rate.
The upgrades and achievements of our economy should not be taken for granted. We must remain committed to fiscal and financial stability, on the path of reform and promoting policies for growth and social cohesion. Only in this way will we achieve a steady improvement in the standard of living of all our fellow citizens.