Upgrade by Fitch shows restoration of the economy is even more consolidated, Government says

The upgrade of the Cypriot economy by rating agency Fitch to investment-grade category shows that the restoration of our economy is even more consolidated, Government Spokesman Prodromos Prodromou said Saturday in a written statement.

Fitch was the second rating agency to restore Cyprus long-term credit rating to investment grade after seven years, following Standard and Poor’s last month.

The placement to investment-grade can be considered as granted based on all projections for the coming years and we can say with certainty that we will have further improvement in credit ratings, he said.

This international credibility, he added, is not translated only in facilitating the management of public finances and lowering the burden on the taxpayer, but is reflected on a better investment environment which would support growth, create better employment conditions and increase income.

Noting that it is surely very positive to ascertain that the efforts by all stakeholders are bearing fruit,, Prodromou added that at the same time these very positive results remind us to continue the government policy and sound management by the Ministry of Finance in conditions of understanding with the social partners and political parties.

On his part, Finance Minister Harris Georgiades welcomed the new upgrade by Fitch, noting that this was attributed to robust growth, fiscal surpluses and recent decisive steps in the banking sector.

Thanks to all (stakeholders) for the contribution, we continue, he said in post to his personal account on Twitter.

Source: Cyprus News Agency