Cyprus Minister of Finance Constantinos Petrides and the European Stability Mechanism (ESM) Chief Klaus Regling pointed out the need to maintain fiscal space which would enable states to tackle a possible future crisis, such as the 2020 Covid pandemic.
Addressing the Economist Summit, held in Nicosia, Petrides said that Cyprus is one of the few Euro area countries which in 2021 will recover the ground lost during the 2020 covid pandemic, but noted that challenges remain.
“Challenges are many, in the economy nothing should be taken for granted and we should protect the public finances, and that is one of the government’s main objectives, so that we would prepare for the next crisis which we don’t know when it will come but it will,” he said.
Source: Cyprus News Agency