Day: December 26, 2022

Tuesday, December 27, is the last day to register on the electoral roll for the upcoming presidential elections and to opt to vote at a polling station abroad.

The Ministry of Interior informs the public that all local District Administration Offices, Citizen Service Centers, and the Central Election Office at the Ministry of Interior will be open until 5.00 pm to receive applications for registration on the electoral roll, a relevant statement noted.

Applications for registration on the electoral roll can also be submitted electronically through the website www.elections.gov.cy, for applicants up to 25 years of age, until midnight on December 27, 2022.

Similarly, regarding residents wishing to exercise their right to vote in a center abroad, applications may be submitted online at aps.elections.moi.gov.cy until midnight on 27 December 2022.

Source: Cyprus News Agency

Minister of Transport, Communications and Works Yiannis Karousos vowed that the traffic congestion problem in Cyprus can be significantly addressed or even resolved with the implementation of a plan involving various measures and initiatives.

In an interview with CNA Karousos said that traffic at the entry point of Nicosia, can be slashed by 25% with the delivery of the first phase of the Nicosia Ring Road, with smart traffic lights as of January 2023 and a complete bus lane network. Karousos also noted that flexible working hours for the civil service and the education system will also improve the situation as studies have shown that such changes will improve traffic by 6%.

Furthermore, Karousos said that the creation of a train network is more feasible than a tram system.

“Traffic is a problem that troubles everyone,” the Transport Minister said, insisting that the projects which are under way or will be carried out “are promising significant improvement,” or even a solution to the problem.

In his interview with CNA, Karousos outlined each measure and initiative promoted by the Ministry, noting these could address the problem of traffic congestion.

He placed special emphasis on the construction of the ring road in Nicosia, the introduction of smart traffic lights, the start of construction works for the uneven roundabout in the Nicosia – Limassol highway which will link the highway with Stavrou Avenue, the introduction of flexible working hours for the civil service and education, as well as the study on a complete bus lane network for the capital.

These measures, he added, are divided in three categories, namely large projects which will decongest the entrance of Nicosia, technology on traffic management, as well as public transport.

Moreover, Karousos stressed that Road Safety is a significant issue with the Ministry increasing the budget allocated to that purpose from €150,000 to €1 million per annum.

He noted that following the implementation of a series of actions and amendments to the legislation, traffic collisions have dropped by 33.7%, while he cited statistical data showing that traffic accidents have declined following the introduction of traffic cameras in early 2022.

On traffic congestion, Karousos said that the problem is exacerbated between 07:00 and 08:30 and in the afternoon hours when people return home from work.

On Nicosia, Karousos pointed out that the €75-million ring road estimated to be completed by the end of 2023 will reduce cars at Nicosia’s entrance point by 25%, adding that the improvements at the Hippokratous and Argiroupoleos Avenues will further facilitate decongestion.

Furthermore, he noted that the introduction of smart traffic lights will lead to further improvements, pointing out that studies shown that where smart traffic lights have been introduced congestion has been improved from 10% to 35%.

The Minister announced that the installation of smart traffic lights will begin in January 2023 while the establishment of a traffic management centre that will use smart systems is underway.

As he noted, 80 and 45 smart traffic lights will be installed in Nicosia and Limassol respectively which will manage traffic using artificial intelligence and sensors.

He also recalled that this technology has been used in the Ayia Fyla roundabout in Limassol with data showing that travel time has been reduced by 50%.

Source: Cyprus News Agency

Nicosia is constantly following developments as regards efforts for the upgrading of the Turkish Cypriot puppet regime in the Turkish occupied areas of Cyprus, remains vigilant on the matter and will act as needed, Foreign Ministry Permanent Secretary, Kornelios Korneliou has told the Cyprus News Agency, asked about the Ministry’s actions with a view to prevent any negative developments in view of efforts to upgrade the pseudostate.

Korneliou said that “Foreign Minister, Ioannis Kasoulides, had meetings during his recent visit to Poland with Foreign Ministers of countries of Central Asia and now we are preparing a mission to Gambia by a Foreign Minister’s Special Representative, Thessalia Salina Shambos, who is Director for the Middle East and Africa at the Ministry of Foreign Affairs.”

The FM Permanent Secretary noted that Kasoulides has already sent a letter to his Gambian counterpart on this issue and they are waiting for the response.

“This is an issue we are constantly following. We need to be vigilant and we will act as needed,” he underlined.

Opening of new embassies

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Korneliou said that Nicosia has decided to open in 2023 new embassies in Buenos Aires, Argentina, and Manama, Bahrein, which is the only Gulf countries where it has no embassy. Moreover, he noted that they have decided to re-open next year the embassies of Cyprus to Nairobi, Kenya, and Jakarta, Indonesia.

Replying to CNA questions, Korneliou noted that “in parallel, as the diplomatic services will be reinforced with new personnel, we have the intention in the near future to re-open our embassy in Mexico, because now we have no representation in Central America, open an Embassy in Ethiopia, which is the seat of the African Union, and when conditions allow it to open an Embassy in Central Asia to cover this geographical region as well.”

According to the Foreign Ministry’s Permanent Secretary, during the last year 15 new attaches were hired at the Ministry and 10 more will be hired on February 1st, 2023, while recently five Ministry employees were promoted to the Ambassador’s post.

UNSG’s reports

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As regards the anticipated reports of the UNSG on his good offices mission and the UN peacekeeping force in Cyprus, Korneliou said that they are expected to circulate at the beginning of January.

“We have submitted our positions, our comments as we always do both as regards the previous report and what we expect in the new one. I assume that the other side has done so as well and we are now waiting to hear from the UN,” he added.

New Ambassadors of Russia, US and Japan

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The FM Permanent Secretary also said that he met last week with the new Ambassador of the Russian Federation to Cyprus, Murat Zyazikov, who has recently arrived in the island.

“This was our first meeting and exchange of views. He has assumed his duties and he is expected to present his credentials most probably in January,” Korneliou said. Invited to comment on a statement by Ukrainian FM, Dmytro Kuleba, that his country will ask for Russia to be ousted from the UN Security Council where it is a permanent member, Korneliou said that this will be something extremely difficult, as it requires a unanimous amendment of the UN Charter, and is expected to cause the reaction of many countries.

Moreover he noted that the US Senate has approved the appointment of Julie Fisher as the new Ambassador of the US to Cyprus, and this has paved the way for her to come and assume her duties in Nicosia, while Judith Garber who served as the US Ambassador until recently has already left the island.

Meanwhile the new Ambassador of Japan to Cyprus has also arrived to the island, has met with Korneliou, and is expected to present his credentials in the near future.

Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37% of its territory.

An illegal breakaway state declared independence unilaterally, on November 15, 1983, in the areas under Turkish occupation, an action condemned by the UN Security Council and the international community as legally null and void.

Source: Cyprus News Agency

The four international rating agencies have published their potential rating dates for Cyprus’ credit rating in 2023.

The ratings will take place in a year marked by a projected economic slowdown, amid the continued uncertainty that clouds the economic outlook, due to high inflation and the energy crisis, fuelled by the continuing war in Ukraine. Furthermore, the outlook is affected by the policies of the Central Banks and their aggressive stance concerning interest rate hikes.

Cyprus enters 2023 having its investment grade status consolidated as two rating agencies, Standard and Poor’s and DBRS Morningstar have placed the country’s long-term credit rating two notches above the investment grade limit. Furthermore, Fitch maintains the Cypriot rating in investment grade while Moody’s continues to hold Cyprus’ rating in “junk” (Ba1) but has assigned a positive outlook. All other agencies have assigned a stable outlook to the Cypriot long-term rating.

The first ratings begin on March 3 2023 with S&Ps scheduled to issue its first rating action, while Fitch will follow on March 10 2023. Rating agencies Moody’s and DBRS are scheduled to issue their potential rating actions on March 31. The first batch of ratings coincide with the election of the new President of the Republic and the assumption of duties by the new government.

The second set of reviews is scheduled to begin with Fitch on June 15 and S&Ps on September 1 2023. Moody’s and DBRS Morningstar have scheduled their second rating actions for September 29.

Rating actions are believed to have more weight in 2023, as the low interest rate environment came to an end due to police rate hikes by major Central Bank across the world in a bid to control soaring inflation, while economic uncertainty and economic slow down have driven sovereign bond’s yields in a upward trajectory.

Moreover, apart from monetary policy normalisation, the European Central Bank embarked on “quantitative tightening,”, that is, ending net bond purchases under its asset purchase programme. Asset purchases and more particularly sovereign bonds, have begun in 2014, compressing borrowing costs for governments in the euro area.

Under EU Regulation 462/2013 (CRA3), rating agencies publish two dates for the potential release of both solicited and unsolicited sovereign credit rating actions. All rating publication dates are on a Friday.

Source: Cyprus News Agency