The upgrading of Cyprus’ long-term credit rating by one notch to ‘BBB’ with a stable outlook citing, outperformance of fiscal balance and growth rate, is an important development, President of the Republic of Cyprus, Nikos Christodoulides has said. In statements to the Press in Limassol on Saturday, and invited to comment on the rating action, Christodoulides said that the upgrading ‘is an important development’ and gave credit to the previous government for all the work that has been done leading to this positive result. ‘Fiscal discipline is necessary, a strong and reliable economy will allow us to have a targeted social policy’, he said pledging that the Government will continue in this path. President Christodoulides invited to comment on the fact that the majority of the House of Representatives voted on Thursday against renewing a freeze of property foreclosures for another three months, he welcomed the outcome of the voting. He also said that the Government is in contact with the EU regarding the rent to mortgage payment scheme. ‘I hope in March we will have the EU approval for the scheme so that we can proceed,’ President Christodoulides noted. International rating agency Fitch, has upgraded Cyprus’ long-term credit rating by one notch to ‘BBB’ with a stable outlook citing, outperformance of fiscal balance and growth rate, as the Cypriot economy showed resilience from the external shock caused by the war in Ukraine. n its rating action, issued following the presidential elections and the new government of Nikos Christodoulides, which assumed office on March 1 2023, the agency said ‘we do not expect a substantial change in the broad direction of economic policy under the new administration.’ ‘The Cypriot economy has shown a degree of resilience to the external shocks brought about by the war in Ukraine,’ Fitch said in its rating action, pointing out that real GDP expanded by 5.6% in 2022, above its forecast over a 4.7% growth issued last September.
Source: Cyprus News Agency