Nicosia: The positive assessments by the international credit rating agencies are not merely a vote of confidence for the Cypriot economy, but they also have beneficial effects for society and citizens, President of the Republic, Nikos Christodoulides, said on Saturday.
According to Cyprus News Agency, in statements to the press upon his arrival at the opening of the Photography and Newspaper Exhibition titled ’70 Years of EOKA 1955-1959′, organized in Nicosia Old Townhall by the Press and Information Office (PIO) in cooperation with the Ministry of the Interior, President Christodoulides commented on Friday’s assessments of the Cypriot economy by Fitch and Moody’s. He stated, “We have continuous positive results in the economy, both last week and last night with two new announcements by international credit rating agencies, which confirm our responsible fiscal policy and constitute a vote of confidence in the Cypriot economy.”
He added that these are not just announcements by credit rating agencies that have no impact on the public. All of these have tangible, positive effects for society and for citizens.
The President explained that these positive assessments allow the state to secure better borrowing terms, enabling the implementation of development projects, which benefit society. They also help create an even more attractive investment environment, which means higher-quality and more productive investments that create new, well-paid jobs and increase incomes for the benefit of citizens. In addition, they reduce the cost of borrowing for Cypriot households and businesses.
“All this is positive for society, for the Cypriot people, and with this sense of responsibility we will continue to manage all governance issues,” he emphasized.
The President also released a televised statement on the issue, noting that “the new upgrades to our country’s outlook by the international credit rating agencies constitute a vote of confidence in our economy, in our fiscal responsibility, and in the bold reforms we are implementing.”