Day: May 15, 2021

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DBRS Morningstar Confirms Republic of Cyprus ratings at BBB (low), Stable Trend

DBRS Ratings GmbH (DBRS Morningstar) has confirmed the Republic of Cyprus’s Long-Term Foreign and Local Currency – Issuer Ratings at BBB (low). At the same time, DBRS Morningstar confirmed the Republic of Cyprus’s Short-Term Foreign and Local Currency – Issuer Ratings at R-2 (middle). The trend on all ratings, it added, is Stable.

In a statement, DBRS said that the Stable trend reflects DBRS Morningstar’s view that risks to the ratings are broadly balanced despite the considerable deterioration in economic performance and public finances caused by the global Coronavirus Disease (COVID-19).

Following a period of robust economic growth, Cypriot GDP contracted sharply by 5.1% in 2020, although less severely than the euro area. The fiscal surplus turned to a deficit of 5.8% of GDP in 2020 and the public debt-to-GDP ratio rose to a still manageable 119.1

 

Source: Cyprus News Agency

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Cyprus FM to visit Amman for deliberations with his Jordanian counterpart

The Minister of Foreign Affairs, Nikos Christodoulides, travels on Sunday, to Amman, for deliberations with the Minister of Foreign Affairs of the Hashemite Kingdom of Jordan,  Ayman Al Safadi.

The two Ministers will initially hold a tête-à-tête meeting and will then attend consultations in extended format with the participation of official delegations, a Foreign Ministry press release said. Talks are expected to focus on the latest developments with the escalation of violence in the region, with particular emphasis on the steps that need to be taken and on the support of efforts aimed at an immediate de-escalation of the situation.

 

Source: Cyprus News Agency