President: Fitch rating a recognition of government planning

The confidence shown in Cyprus by the rating agencies is an acknowledgement of the government's planning, which is being implemented with the governance programme as a compass, President Nikos Christodoulides said commenting on the latest upgrade by Fitch.

"The new revision of the Cypriot economy outlook, this time from stable to positive, by the Fitch Rating Agency, emphatically confirms the path of progress and growth. A path based on the responsible economic policy pursued by the Government," President Christodoulides said in a written statement.

The confidence shown by the rating agencies, he added, "is a recognition of the government's planning implemented with the governance programme as a compass".

"Through fiscal responsibility and the promotion of bold reforms and meaningful policies, we are strengthening our country's sustainable growth path and prospects, and we continue to shield our economy, accelerating its momentum," he noted.

Christodoulides added that the revision came just hours after the House of Representatives passed the bills containing a package of measures to tackle non-performing loans (NPLs) and protect vulnerable borrowers tabled by the government, and while the first annual state budget, which is clearly in surplus, is being discussed.

"Resisting the sirens of populism and pointless scaremongering, we will continue responsibly, consistently and with vision, because this is what the collective interest demands, this is what the high sense of responsibility of our reform vision requires," he said, adding that the successive positive ratings of the Cypriot economy translate into prospects and opportunities, with the Cypriot economy becoming even more outward-looking, resilient and attractive for investment, which also allows for the development of targeted social policies and successful responses to challenges.

"With a plan, a clear vision, boldness and determination, our country is moving forward, creating hope and prospects for all the Cypriot people," the President concluded.