The government has been implementing a prudent and responsible fiscal policy, Minister of Finance, Makis Keravnos, said on Friday at the 11th Conference of the Treasury of the Republic, stressing the importance of the role of the Republic’s Treasury.
Speaking at a Conference entitled: “The reform course of the Treasury through digital transformation”, which took place in Nicosia, the Minister said that in order to maintain the good economic course, and to further improve public finances, the role of the Treasury becomes even more important.
We are faced with many challenges this current period, he said, referring to international geopolitical tensions, uncertainty in energy markets, inflationary fluctuations and weak growth in the global economy. All these, he noted, create an environment that requires prudence, foresight and stability in economic policy-making.
The Minister of Finance added that the government is implementing a prudent and responsible fiscal policy, while ensuring the availability of the necessary resources for economic growth and social cohesion.
‘The positive growth indicators, as well as the recent upgrades by international rating agencies, demonstrate that the Cypriot economy maintains high levels of credibility and resilience,” he stressed.
Moreover, he said that the assessments of the International Monetary Fund and the ratings of Rating Agencies confirm this.
He added that in order to maintain all the above, as well as to further improve public finances, the role of the Treasury becomes even more important.
“The promotion of its modernization program, the digitalization of procedures, such as, for example, the imminent abolition of cheques as a means of collection and payment to the State, the promotion of electronic invoicing, etc., as well as the strengthening of control and transparency mechanisms, such as the publication of government transactions, are essential elements for the protection of our fiscal management and for the adaptation of the state to the requirements of the new era,” he concluded.