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Cyprus News Agency: News in English, 10-11-26

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From: The Cyprus News Agency at <>




    Cyprus economy and banking sector are in a strong position, but decisive fiscal measures for the medium term are needed, IMF representative Age Bakker has said.

    The IMF official, accompanied by Governor of the Central Bank of Cyprus Athanasios Orphanides, was received Friday at the Presidential Palace by President of the Republic of Cyprus Demetris Christofias, with whom he discussed the economic and fiscal situation in Cyprus.

    Cyprus is in a strong position, the banking sector is in a strong position, but what is needed is decisive fiscal measures for the medium term, Bakker said.

    In statements to the press after the meeting, the IMF official noted that fiscal consolidation will be needed in the coming years and the President completely agreed on that. He added that a comprehensive package of measures on the expenditure side and also on the revenue side will be needed to get the fiscal position in order in the coming years.

    Describing Cyprus as a very important financial center, he said that it has the strength to stay that way, noting that markets want financial centers to have a solid fiscal position. The Cypriot President, he said, expects shortly, at least before the end of the year, to have a comprehensive package in parliament and I am quite sure that Cyprus will be successful in reducing fiscal deficit.


    All bodies involved in tourism have expressed their readiness to join forces in order to minimize the damage to tourism caused by the closure of Eurocypria, said Minister of Commerce, Industry and Tourism here today after a meeting with all tourist professional bodies.

    Following the closure of Eurocypria airlines in early November, Cyprus Airways, the national carrier, is trying to cover all scheduled flights of the now defunct airline.

    The Minister said that arrangements put in place in various countries to ensure that all tourists initially planning to come to Cyprus on Eurocypria will be able to do so seem to bear fruit. There were some delays, he noted, but these were not catastrophic.

    There is still a problem as far as tourists from Germany are concerned, he said, adding however that for the majority of tourists arrangements have been made.

    Efforts will continue in order to minimize this damage, although as he said, if the cost to bring every passenger is higher than the anticipated profit, then some tourists may not be able travel to Cyprus.


    The strategy on tourism, planned up to the year 2015, envisages the enrichment of the tourist experience and the enhancement of the quality of services, Minister of Commerce, Industry and Tourism Antonis Paschalides said today, during the Annual Conference of the Euromed Academy of Tourism, in Nicosia.

    Paschalides called the theme of this years conference, Tourism in Hard Times - Managing the Challenges, a particularly appropriate one, since the Cypriot tourist industry is undergoing a period of multiple challenges and opportunities, in line with the international tourism industry.

    Tourism has always been a very vulnerable sector, influenced by changes in various factors, he said. He also said that for Cyprus, quality constitutes the heart of its tourist strategy. In a period of economic crisis, the enrichment of the tourist experience we offer and the enhancement of the quality of our services are probably our only options in order to be able to compete with other destinations Paschalides noted.

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