ESM and IMF pleased with Cyprus economy’s performance

11:14 - 20 March 2023

Economy

The European Stability Mechanism (ESM) and International Monetary Fund (IMF) are pleased with the Cyprus economy’s performance, with their respective heads telling Finance Ministry officials to keep up the prudent fiscal policy to meet the challenges ahead.

The Senior Advisor to the ESM’s Chief Economist, Wim Van Aken, along with IMF’s mission chief for Cyprus, Wojciech Maliszewski, met with Finance Minister Makis Keravnos during an official visit to the island last week. According to an announcement by the ministry, the delegation discussed the economic situation in Cyprus and internationally, as well as recent developments in the financial sector in the US and Europe.

There was an exchange of views on the current economic challenges, including high inflation, the impact from the significant increase in interest rates, as well as the uncertainty caused by recent developments in the financial sector in the US and Europe.

The Finance Minister provided an update on the state of the Cypriot economy, highlighting the fact that it has shown real resilience in a particularly challenging environment, with high growth rates and fiscal surpluses, and stressed that the new government's economic policy is firmly committed to fiscal discipline and financial stability.

For their part, Van Aken and Maliszewski expressed their satisfaction with the performance of the Cypriot economy, noting the need to continue to implement prudent fiscal policy to address the challenges ahead, said the announcement. They also said that the recent upgrade of the Republic of Cyprus' credit rating by Fitch demonstrates the good management of the economy.

(Source: CNA)

ESM and IMF pleased with Cyprus economy’s performance

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