Reforms and consolidation the preconditions to reach investment grade rating, says FinMin

Minister of Finance Harris Georgiades has called for the continuation of the reform and fiscal consolidation effort that would enable Cyprus to achieve an investment grade rating.

Although Cyprus has successfully completed its economic adjustment programme last March, its sovereign ratings are still considered as junk which adversely affect the islands borrowing costs.

Summarizing the preconditions set by rating agencies, Georgiades said these are “the prudent public finances management, the continued support to economic recovery, the consolidation of the banking sector and the sustained promotion of the reforms and changes which the economy needs.

Source: Cyprus News Agency