President Nikos Christodoulides described the upgrade of the Republic of Cyprus's credit rating as a strong vote of confidence in the resilience and prospects of the Cypriot economy, in a video message on Saturday marking the decision by Standard & Poor's (S&P) to raise Cyprus's rating from "A-" to "A", while maintaining a positive outlook.
According to the President, Cyprus has reached another significant economic milestone, returning to the "A" grade for the first time since 2011.
"This is undoubtedly a strong vote of confidence in our economy, in its resilience and its prospects. A strong vote of confidence in our fiscal responsibility, our high growth rates, our historically low unemployment levels, and the substantial reduction in public debt," Christodoulides said.
"And none of this is just a set of indicators. They carry real, substantive meaning. In practice, a stronger economy means more and better-paid jobs. It means more investment and new opportunities. It means greater room for targeted social policies, for investment in health, education, the welfare state and housing. It means greater job security and improved wages. In practice, it means higher disposable income and a better everyday life for citizens. Above all, it means we are building a more secure foundation for the next generations," he said.
"Through responsible management, steady steps and bold reforms, we are strengthening our country's credibility and competitiveness. With consistency. With responsibility. With determination, we are changing Cyprus, offering hope and prospects to our citizens, to families, to households, to businesses, to the whole of the Cypriot people," the President concluded.
Source: Cyprus News Agency (CNA)
