Finance Minister Georgiades: the EC abrogates the demand on Cyprus for additional fiscal measures

The European Commission no longer calls for additional fiscal measures from Cyprus and the Recommendations on the National Reform Program of Cyprus for 2017 (Country Specific Recommendations- CSRs) are “largely aligned with the governments priorities,” said today Finance Minister Harris Georgiades, commenting on the announcements of the Spring European semester package.

The Minister said that “we have no doubt, ensuring competitiveness and growth prospects implies a sustained reform effort” and notes that “the fact that Cyprus records the third best performance in the implementation of the recommendations under the National Reform Program”.

Commenting on the Commissions decision not to step up the process of monitoring Cypruss fiscal imbalances, he stated that “our progress is reflected in the European Commissions Spring Forecasts, the Eurozone economic performance that has been discussed in todays Eurogroup, finding that the Cypriot economy is recording widespread recovery, supported by robust growth in employment, consumption and investment but also in predicting that for the next two years it will continue on strong growth.

The Minister concludes by clarifying that “the requirement for fiscal measures for 2017, apparently no longer exists.”

Source: Cyprus News Agency