President, Nikos Christodoulides, spoke on Saturday of a strong vote of confidence in the Cypriot economy’s resilience and prospects, in a recorded message marking the upgrade of the Republic of Cyprus’s credit rating from ‘A-‘ to ‘A’ by Standard and Poor’s, whilst maintaining a positive outlook.
Cyprus has reached yet another significant economic milestone, as it returns to the ‘A’ rating for the first time since 2011, the President said in a statement.
‘This is undoubtedly a strong vote of confidence in our economy, its resilience and its prospects. A strong vote of confidence in our fiscal responsibility, our high growth rates, historically low levels of unemployment and the significant reduction in public debt,’ he continued.
‘And all these are not merely indicators. They have real significance and tangible impact. In practice, a stronger economy means more and better-paid jobs. It means more investment and new opportunities. It means greater scope for targeted social policies. For investment in health, education, the welfare state and housing. It means greater job security and improved wages,” President Christodoulides noted.
“In practice, it means boosting disposable income and improving people’s day-to-day lives. Above all, it means that we are building a more secure foundation for future generations,” he further stressed.
‘Through responsible management, steady progress and bold reforms, we are strengthening our country’s credibility and competitiveness. Consistently. Responsibly. With determination, we are transforming Cyprus by offering hope and prospects to citizens, families, households, businesses and the Cypriot people as a whole,’ President Christodoulides concluded.