FinMin warns there is no room for fiscal looseninig

There is no room for fiscal loosening, Finance Minister Harris Georgiades stressed Friday, commenting on the European Commission’s Spring 2018 Economic Forecast.

It’s a good report that shows the improvement achieved by our country, it highlights the prospects for further improvement, but points out the risks that we have to avoid and not jeopardise the prospect of recovery, the Minister told the press.

Georgiades said he absolutely agreed with the Commission’s positive comments as well as with its warnings.

These are warnings that we have to keep in mind, he said. The Government shares these warnings and takes them into account in its economic policy, he noted.

For this reason, he went on, we remain absolutely focused on balanced budgets.

As the European Commission rightly warns there is no room for fiscal loosening or going back to bad practices of the past that have cost us so much, he noted.

In addition, the Minister stressed the importance of the decisions that have to be taken in the next period on Non-Performing Loans (NPLs), saying they could pave the way (for Cyprus) to overcome this last obstacle.

Source: Cyprus News Agency