Insider Economy Cyprus Finance Minister says we need to safeguard conditions for sustainable growth

Cyprus Finance Minister says we need to safeguard conditions for sustainable growth

Cyprus Minister of Finance Harris Georgiades said he is optimistic over Cyprus’ growth prospects, stressing however the need to safeguard the conditions for sustainable growth, consistency and discipline.

Speaking in event held in Limassol yesterday, Georgiades refereed to Cyprus’ recovery following the loss of confidence to the Cypriot economy, the financial meltdown of 2013 and the bailouts, noting that “if we want this positive outlook to continue, if we want to speak about long-term growth we need to learn from the mistakes of the past and assume a clear collective commitment that we will not repeat these mistakes.”

The past growth, he said, was no miracle, it was a bubble, a false situation that crumbled in a painful way, causing huge cost to many fellow citizens.

Georgiades said he is optimistic because today’s growth is not based on false factors, adding instead of operating on deficits, the state has surpluses.

He also said that it would be easy for the government and his Ministry to spend these surpluses satisfying needs that always exist, “but this would lead the country to the same difficult position of the past with no fiscal safety net.”

On the banking sector, Georgiades said the banks, despite difficulties, have been consolidated to a large extend, interest rates have been reduced and the banks can provide credit with more strict loan origination processes, focusing on the borrower’s capacity to repay its debts.

He also pointed out that incentives allowed the country’s productive forces, fostering growth, measures helped expansion of the tourist sector, while changes in legislation boosting Cyprus’ competitiveness helped the services sector to grow.

“We need to open up to new fields, investing in academic education and research and innovation”, he added, recalling that Cyprus secured EU funding for six centres of excellence and research and development.


Top Stories

Health Ministry to examine use of colchicine for COVID-19 patients

Regarding the use of colchicine to patients with COVID-19, due to relevant announcements made in Greece and Canada, the Advisory Committee of the Health...

Expert says lifting of all measures possible by March, if epidemiological figures allow it

Dr Petros Karayiannis, member of the Scientific Committee on the pandemic and Professor of Microbiology/Molecular Virology at the University of Nicosia Medical School has...

Scientific Committee discusses COVID relaxations similar to last May-June plan

The Scientific Committee on the pandemic heads to the Presidential Palace on Monday with proposals on relaxations of COVID measures imposed on January 10....

Amsterdam’s party district empties as first curfew since WW2 begins

The normally bustling streets of Amsterdam's party district were empty on Saturday (January 23) night as the country imposed its first night-time curfew since...

EU says it will make vaccine companies respect supply contracts

The European Union will make pharmaceutical companies respect contracts they have signed for the supply of COVID-19 vaccines, European Council President Charles Michel said...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...