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Cyprus News Agency: News in English, 09-08-18

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>




    ``Public finances are currently facing challenges and the public deficit is showing an upward trend, primarily because of the impact of the world crisis on public revenue,`` Cyprus Finance Ministry has noted, commending on a report of the International Monetary Fund (IMF).

    According to an announcement, issued here Tuesday by the Finance Ministry as a response to the IMF report, the Cabinet would continue to monitor the situation and take the necessary corrective measures, if required.

    The Ministry agrees with the IMF that the expansionary fiscal policy that had been implemented was under the current circumstances right and contributed to the mitigation of the crisis negative effects.

    It is notable that the public consumption during the first six months of 2009 increased by 11.3% and positively contributed to the growth. This is something that illustrates governments expansionary policy. Contrarily, the private consumption was reduced, as it has been reflected by the 2.2% reduction of the index of retail trade during the first five months of 2009, and negatively contributed to the growth, it is added in the announcement.

    Additionally, the Ministry agrees with IMF that Cyprus banking sector remains healthy and that its inspection framework should be reinforced.

    The IMF said in a report on Monday it expected the island to register a 3.9 percent deficit in 2009 after posting surpluses in 2007 and 2008. The IMF said the budget deficit would need to retreat by 0.5 to 0.75 percent per year. It recommended a ``significant upfront correction`` to avoid unfavourable debt-deficit dynamics.

    Fiscal adjustment should focus on reducing public consumption, and particularly the bill for the state payroll, and broader public reforms, the IMF said, adding that Cyprus was starting to experience weaker growth, putting gross domestic product at 0.3 percent in 2009 from 3.6 percent in 2008.


    The latest developments in the Cyprus problem will be discussed, inter alia, at next weeks meeting of Cypriot organisations abroad.

    The 16th Annual Conference of the Central Council of the World Federation for Overseas Cypriots (POMAK) and the International Coordinating Committee Justice for Cyprus (PSEKA), and the Conference of the Executive Council of the World Organisation for Young Overseas Cypriots (NEPOMAK) will be held in Nicosia, from 24-28 August.

    The President of the Republic of Cyprus Demetris Christofias will address the opening ceremony of the conference on Monday 24 August, at 7 pm. The opening ceremony will also be addressed by the House President Marios Garoyan, the Archbishop of the Church of Cyprus Chrysostomos II, the Minister of Foreign Affairs Markos Kyprianou, the Presidents of POMAK, PSEKA, and NEPOMAK Haris Sophoclides, Philip Christopher and Christos Karaolis respectively, the President and the World Council of Hellenes (SAE) Stefanos Tamvakis, and by the Greek Deputy Foreign Minister Theodoros Kassimis.

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