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Cyprus News Agency: News in English, 11-06-11

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

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] MINISTRY OF FINANCE CYPRUS ECONOMY
  • [02] PRESIDENT SPORTS

  • [01] MINISTRY OF FINANCE CYPRUS ECONOMY

    Cyprus economy has the fundamentals to remain resilient to developments in the external environment, the Ministry of Finance of the Republic says.

    In a written statement issued in reference to a Reuters report on Friday based on a Commerzbank research report, the Ministry stresses that although the Cyprus economy is small it is lively and it has retained a solid position in the financial and sovereign debt crisis. Cyprus economy has the fundamentals to remain resilient to developments in the external environment, it is noted. According to the Ministry, GDP growth was 1% in 2010 and is expected to reach 1.5% in 2011 with a potential growth rate of 2.&#190; - 3%.

    It also quotes the countrys Stability Program (SP) according to which there are budget deficit targets of 4.5% in 2011 and less than 3% of GDP in 2012. It is further stated that the agreed policy measures are expected to have a fiscal impact of 1.5p.p of GDP in 2011 and the fact that by the end of 2010 public debt was only 60.8% of GDP.

    Referring to the countrys public debt, the Ministry of Finance says allocation of public debt between domestic and foreign investors by the end of 2010, was 60% and 40% respectively; the public debt which expires in the period July 2011 end of 2011 is allocated by 75% for domestic investors and 25% for foreign investors.

    [02] PRESIDENT SPORTS

    The Cyprus government pays particular importance to sports and promotes the development of both social sports as well as high performance sports said President of the Republic Demetris Christofias on Saturday addressing the opening of new futsal courts in Kato Pyrgos Tillyrias village in the district of Nicosia.

    Plans have been put into action for a number of years now, he said, aiming to offer sufficiency in sports premises for our youth.

    President of the Republic expressed his pride because these plans have bore fruit saying that in recent years these plans have contributed to an impressive progress in all areas of sport. Achieving success and generally even participating in international sports events gives our country a special identity in the international sports arena and not only, he said.

    Athletes, he stressed, are our countrys best ambassadors.


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