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Cyprus News Agency: News in English, 11-05-18

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From: The Cyprus News Agency at <>




    Minister of Finance Charilaos Stavrakis has said that the government`s target for 2011 is to over-achieve the 4.5% budget deficit agreed with the EU.

    In statements Wednesday on the sidelines of the Annual Economic Congress of the Institute of Certified Public Accountants of Cyprus (ICPAC), which took place in Nicosia, the Minister of Finance said that the budget deficit for 2010 was at 5.3% while the EU target was 6% adding that the government wants to overachieve the 4.5% budget deficit for 2011 agreed with the EU.

    Referring to the first data of May 2011 as regards indirect taxes, he said that data records an improvement of 7% compared to the corresponding period of last year.

    ``So, our assessment that public finances will be improving seems to becoming true based on the preliminary data for May as regards indirect taxes``, he went on to note.

    The Minister of Finance also described cash and deposits as a protection shield for the Cypriot economy.

    ``Right now there is a great shield of protection for the Cypriot economy, there are hundreds of millions in cash and in deposits in banks which can be used to refinance public debt which expires in the next months``, he said.

    Compared to other countries, he said, the Cypriot economy is doing well in the field of borrowing.

    He also announced that after the May 22 parliamentary elections in Cyprus, intensified consultations will begin with the social partners and the political parties in order to reach the best possible consensus to address the economic challenges.

    Asked about Greece, the Minister said that the EU partners push for additional measures since the data of the four months of the year have not been the expected ones.

    Concluding, he said that we have to congratulate the Greek government which ``has the courage to make those difficult decisions to keep numbers within the budgetary target``.


    The government exploits the comparative advantages of Cyprus and aims at turning the country into a modern international business and services centre, Minister of Commerce, Industry and Tourism Antonis Paschalides has said.

    Addressing Wednesday the Annual Economic Congress of the Institute of Certified Public Accountants of Cyprus (ICPAC), which took place in Nicosia, Paschalides said that in 2011 a series of business fora, seminars and missions will take place in Europe, the Middle East, Asia and the US, to promote Cyprus as an international business and services centre.

    ``In 2011 we have planned 20 seminars in 14 countries. Some of these missions will be headed either by the President of the Republic of Cyprus or by the Minister of Commerce, Industry and Tourism, while Cypriot businesspeople will hold contacts with their foreign counterparts``, he said.

    The Minister added that experience has shown that such missions yield positive results. ``The results are seen in the increasing numbers of new registered companies in Cyprus as well as in the increasing foreign deposits and investments in Cyprus with positive results on our economy``, he concluded.


    Cyprus hosts the 62nd International Real Estate Federation (FIABCI) World Congress.

    The five-day conference, taking place in the western coastal town of Paphos, aims to emphasize how culture and civilization influence real estate globally.

    Cypriot Minister of the Interior Neoclis Sylikiotis, who addressed the meeting on behalf of the President of Republic Demetris Christofias, said in statements that the Congress is unprecedented for Cyprus as the island plays a very important role in real estate transactions.

    The Minister outlined the initiatives taken in recent years by his Ministry and the government to rectify problems in issues concerning development, title deeds and new town planning settings which will give new impetus to Cyprus` real estate sector, creating healthy and secure conditions for future customers of this sector, both local and foreign.

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