Cyprus is continuing steadily on its upward trajectory, promoting significant reforms that strengthen the country’s competitiveness, resilience and credibility, President Nikos Christodoulides said, welcoming the confirmation of Cyprus’ “A” credit rating and the upgrade of its outlook from “Stable” to “Positive” by international rating agency Morningstar DBRS.
In a post on X, the President said the development follows “the high growth rate of the Cypriot economy, historically high levels of employment and the significant reduction in public debt”, adding that the confirmation of the “A” rating and the upgrade of the outlook “confirm the momentum and positive prospects of our country”.
The President said the government’s strategy and fiscal policy were producing results and creating greater opportunities for the economy and society.
“Our responsible fiscal policy and the strategy we are following are delivering results and creating more possibilities for the economy and society: more and better-paid jobs, further strengthening of disposable income, new investments and greater scope for policies that improve citizens’ daily lives,” he said.
“We continue with the same responsibility, consistency and determination, for an economy that is even stronger, more competitive and resilient, which broadens opportunities and strengthens prospects for all citizens,” the President added, concluding: “Cyprus is changing.”
Economic resilience
Finance Minister Makis Keravnos also welcomed the rating decision, describing it as “yet another confirmation of the resilience demonstrated by the Cypriot economy amid a period of continuing instability for the global economy, full of challenges and risks”.
“It is particularly important that the Agency confirms the prudent and proactive economic policy pursued by the Government, which continuously strengthens the financial position of the Republic of Cyprus and leads to a steady de-escalation of public debt,” Keravnos said.
He added that Morningstar DBRS “bases its very positive conclusions on the fact that the Republic of Cyprus has large fiscal buffers which allow it, in the short term, to effectively address potential risks arising from international geopolitical developments”.
According to Keravnos, the Government “will continue to support the economy in a responsible and flexible manner, both in terms of growth and employment and public finances”, with the aim of “making the maximum possible use of all available opportunities for continued economic growth while reducing public debt”.
Souce: CNA
