Economic growth must translate into benefits for society through higher disposable income and increased investment in healthcare, education, housing and the welfare state, President Nikos Christodoulides said, referring to the latest upgrade of Cyprus’ sovereign rating.
Speaking after an event held in Meniko community, the President described the upgrade as significant, saying it confirmed the Government’s ‘responsible policy’ and management of public finances.
However, he stressed that improved economic performance was meaningful only if it benefited citizens.
‘For us, real growth means that it is passed on to society, to families, the middle class, to all citizens,’ he said, referring to tax and pension reforms, which he said would ‘significantly strengthen our pensioners.’
He also said Cyprus would have around pound 3.5 billion available for projects during the 2028-2034 EU funding period, including more than pound 2.5 billion from the Cohesion Fund and national contributions.
The Government, he added, aims to decide on the projects by September 2027, with the goal of upgrading communities and cities and ultimately ‘improving citizens’ everyday lives.’