Category: Cyprus News Agency

Cyprus has been steadfast and robust in its support for Ukraine and this is not merely a political stance but a matter of upholding fundamental principles and standing on the right side of history said Interior Minister Constantinos Ioannou at an event, in Nicosia, for the Day of Dignity and Freedom of Ukraine, on Monday evening.

The Minister noted that Cyprus has pledged significant financial assistance to Ukraine through European Union frameworks and international mechanisms and has provided medical supplies, equipment, and pharmaceutical products to support the immediate needs of the Ukrainian people.

Ioannou also said that Cyprus has been one of the EU countries that accepted, proportionally, the largest number of Ukrainian refugees, amounting to around 24,000 Ukrainians, nearly 2.5% of the country’s population.

He also said that more than pound 39 million were allocated during the first two years of the war to provide accommodation adding that Cyprus also offers language classes, psychological support, legal services, and tailored assistance for families, children, and the elderly.

The Minister also said that Cyprus’ support also extends to Ukraine’s future recovery and drawing on its long-standing mine-clearance experience, it has conducted four full training cycles for Ukrainian deminers, most recently in May.

This work, he said, is essential for enabling displaced families to return home safely and for restoring essential services.

“As Cyprus prepares to assume the Presidency of the Council of the EU, we reaffirm our commitment to a strong and united Europe. One that stands firmly with Ukraine. Ukraine’s security is inextricably linked with European security, and we reiterate our resolve to continue to keep Ukraine’s EU membership path credible and open”, he concluded.

President of the House of Representatives Annita Demetriou pays an official visit to India following an invitation by the Indian President of Lok Sabha, Om Birla.

In statements, Demetriou noted that this is the first of a House President to India after 30 years, marking the dynamic of bilateral relations between Cyprus and India.

Demetriou held separate meetings with Birla, the Vice President of India and President of Rajya Sabha, Shri C. P. Radhakrishnan, as well as with the Minister of Foreign Affairs, Subrahmanyam Jaishankar.

MPs Nicos Tornaritis, Aritos Damianou and Christiana Erotokritou, and High Commissioner of Cyprus in India, Evagoras Vryonides, accompanied the House President.

During the meetings, Demetriou noted that Cyprus and India share parallel historical experiences and pointed out that both countries are committed to rule of law and the respect of the sovereignty of each country. She further referred to the will for deepening bilateral relations in sectors of common interest, such as trade, defence, shipping and connectivity.

The Cypriots MPs reassured the Indian Foreign Minister that Cyprus, an EU member state is a steadfast partner or India and noted that the enhancement of bilateral relations is a priority of the Cyprus Presidency of the EU Council.

Cyprus, France, Greece and Italy have decided to expand cooperation on Defense Policy issues within the framework of the Quadripartite Cooperation (QUAD).

A press release from the Ministry of Defense issued on Tuesday says that the countries’ Defense Policy Directors met on Monday in Larnaca and in a joint statement noted that the meeting took place within the framework of ongoing cooperation, “to promote common vision for security and stability in the Eastern Mediterranean.”

It is added that since the launch of QUAD, the countries have demonstrated unity and determination in addressing new security challenges in the region. They noted further that the progress achieved through joint exercises, such as “EUNOMIA”, and the deepening of operational cooperation, have strengthened their collective ability to safeguard our common interests and promote peace.

It was agreed to expand the scope of joint training activities, with a particular emphasis on emerging areas such as cyber defense, hybrid threats and maritime security, improve mechanisms for coordinated crisis response, ensuring rapid and effective action in the face of unforeseen developments, and enhance innovation and the exchange of best practices to address new and complex security challenges.

The four countries reinforced their commitment to the peaceful resolution of disputes, supporting diplomacy as the cornerstone of our approach to regional stability, and declare their support for international law and the principle of freedom of navigation, recognizing their importance for prosperity and security in the Eastern Mediterranean.

Their joint statement also notes that they are determined to further enhance the effectiveness and vision of the QUAD Initiative, confident that this cooperation will bring tangible benefits to the four countries and the wider region.

Commission outlines priorities to boost EU competitiveness in its 2026 European Semester Autumn Package

The European Commission today adopted the 2026 European Semester Autumn Package, setting out economic and employment policy priorities to boost competitiveness. In an increasingly challenging geopolitical environment, the Commission calls for coordinated action to strengthen productivity, innovation and investment, in line with the Competitiveness Compass. The Autumn Package launches the 2026 European Semester cycle, which will improve its analytical basis, strengthen dialogue between Member States and stakeholders, and reinforce the focus on implementation.

The 2026 European Semester Spring Package will provide policy recommendations to tackle the main country-specific challenges identified in the Country Reports, building on a comprehensive set of 2025 country-specific recommendations.

This package builds on the Autumn 2025 Economic Forecast, which shows that the EU economy remains resilient with moderate growth mostly driven by robust domestic demand and investment, a solid labour market and easing inflation. At the same time, the EU is confronted with several strategic vulnerabilities and continues to face structural challenges, including low productivity, demographic pressures, and increasing demands on public finances linked to defence and the transition to a decarbonised and digital economy. Strengthening competitiveness and maintaining sound public finances will therefore be essential to unlock Europe’s growth potential and safeguard stability.

The Semester is reinforced with a new EU27 recommendation on human capital in view of the urgent need to increase productivity, boost talent and develop a future proof labour market.

Assessment of Member States’ Compliance with the EU fiscal framework

Under this Semester Package, the Commission has assessed all Member States’ compliance with the EU fiscal framework and provided guidance to ensure that their fiscal policy in 2026 is aligned with the relevant Council Recommendations: either those endorsing Member States’ medium-term plans, or, for Member States under an excessive deficit procedure (EDP), recommendations aiming to bring an end to the EDP.

The Commission’s assessment focuses on the growth of net expenditure, the single operational indicator in the reformed economic governance framework. For the 16 Member States for which the Council has activated the national escape clause, the assessment takes into account the flexibility for increases in defence expenditure.

In particular, the Commission adopted Opinions on the Draft Budgetary Plans (DBPs) for 2026 of 17 euro area Member States:

12 DBPs are assessed compliant and Member States are therefore invited to continue implementing fiscal policies in 2026 as planned: Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Portugal, Slovakia.

3 DBPs are assessed at risk of non-compliance and Member States are therefore invited to take the necessary measures within their national budgetary process to ensure that fiscal policy in 2026 is in line with the Council Recommendation: Croatia, Lithuania and Slovenia.

2 DBPs are assessed at risk of material non-compliance and Member States are therefore invited to take the necessary measures within the national budgetary process to ensure that fiscal policy in 2026 is in line with the Council Recommendation: Malta and the Netherlands.

The Commission has also assessed the fiscal developments and prospects in the other Member States.

7 Member States are assessed as compliant: Austria, Belgium, Czechia, Denmark, Sweden, Poland, and Romania.

3 Member States are assessed as being at risk of non-compliance: Bulgaria, Hungary, and Spain.

Developments on Excessive Deficit Procedures

For the nine Member States in excessive deficit procedure, Austria, Belgium, France, Hungary, Italy, Malta, Poland, Romania, and Slovakia, the procedure is held in abeyance. In concrete terms, this means that no further procedural steps are taken at this stage but that the ongoing procedure remains open (i.e. the deficit has not been durably brought below 3% of GDP), and the Member States remain bound by the respective Council recommendation. The Commission will reassess the situation next spring, when outturn data for 2025 becomes available.

The Commission also prepared a Report under Article 126(3) of the Treaty on the Functioning of the EU to assess compliance with the Treaty’s deficit criterion for two Member States, Germany and Finland. In light of the assessment contained in the report, opening of an excessive deficit procedure is warranted for Finland. Therefore, after taking into account the opinion of the Economic and Financial Committee, the Commission will consider proposing to the Council to open an excessive deficit procedure for Finland and propose to the Council a recommendation to put an end to the excessive deficit situation.

Recommendation for euro area economic policy for 2026

This recommendation presents tailored policy advice to euro area Member States on topics that affect the functioning of the euro area as a whole. This year, the focus of the recommendation is on policy action to boost productivity and strengthen economic security, while maintaining the sustainability of public finances.

More specifically, the recommendation calls on euro area Member States to:

Safeguard fiscal sustainability by respecting the net expenditure paths recommended by the Council, including, where applicable, the flexibility granted for defence spending. This would result in an overall neutral fiscal stance in 2026 for the euro area. Members States are also recommended to reprioritise budgets to accommodate the necessary spending on strategic investments.

Address defence industry bottlenecks and promote joint procurement.

Complete the implementation of their Recovery and Resilience Plans by 31 August 2026, ensuring full absorption of EU funds.

Strengthen labour markets by boosting skills, improving education outcomes, increasing participation, supporting job quality and addressing poverty and housing affordability, while ensuring wage growth remains aligned with productivity.

Promote investments in innovation and strategic sectors, as well as enhance the functioning of the Single Market through regulatory simplification and the removal of barriers, in order to boost efficiency and scale.

Take steps to develop a European Savings and Investment Union to mobilise capital, advance the creation of a digital euro, strengthen the international role of the currency, and monitor macro-financial stability risks.

Recommendation on Human capital

For the first time, the Commission proposed a Council recommendation on human capital.

The new Recommendation is addressed to all 27 Member States and calls for urgent actions to tackle human capital related structural challenges that can damage our competitiveness.

The recommendation therefore calls on Member States to prioritise education and skilling needed in strategic sectors for the EU economy, from clean transition, circular economy and industrial decarbonisation, health and biotech, agriculture and bioeconomy, to defence industry and space. It thus calls for stronger science, technology, engineering and mathematics (STEM) programmes.

It calls to reverse the negative trend in basic skills. This is essential to grow a future labour force with strong foundations to work and be trained in new tech and competitive industries.

Investment is a joint responsibility for businesses and public authorities alike. The Recommendation calls for public and private mobilization of resources to be invested in people. This is to the benefit of society, business, and people alike.

It finally calls for the importance of good quality, timely data and analysis that keeps pace with the evolution of economy and is able to anticipate emerging professions of the future so that our policies can answer the need of today and tomorrow rather than the ones of yesterday.

Alert Mechanism Report

The Alert Mechanism Report (AMR) serves as the EU’s annual screening tool to facilitate an early identification of potential macroeconomic imbalances that may affect the economy of individual Member States, the euro area, or the EU as a whole. It identifies Member States which require in-depth reviews to assess whether they are affected by imbalances requiring policy action. The AMR is the starting point of the annual macroeconomic imbalance procedure (MIP) cycle.

This year’s AMR calls for in-depth reviews to be prepared for the seven Member States already identified in the previous annual cycle as experiencing imbalances: Greece, Hungary, Italy, the Netherlands, Slovakia, and Sweden, as well as for Romania, which was assessed as having excessive imbalances in 2025.

The reviews will take place in the first half of 2026, and the Commission’s decisions on imbalances will be presented as part of the European Semester Spring Package.

European Macroeconomic Report

The newly introduced European Macroeconomic Report in this Semester cycle underpins both the Euro Area Recommendation and the Alert Mechanism Report. It provides an overview of the euro area and EU economies in a rapidly evolving global environment, analysing key risks and opportunities. Key areas of focus include productivity challenges, vulnerabilities within the EU, and actions to strengthen Europe’s long-term competitiveness by boosting innovation, deepening the Single Market and mobilising private investment.

The report also examines Europe’s high saving rate in the context of fragmented capital markets and the potential benefits of a Savings and Investment Union to channel capital more effectively within the Union. In addition, it analyses the macroeconomic impact of higher defence spending, and looks at the impact of different types of defence expenditure, with a focus on domestic investment and R and D. The report further explores ways to reinforce Europe’s industrial capacity, such as through coordinated procurement.

Post-programme surveillance

The Commission published post-programme surveillance reports for Ireland, Greece, Spain, Cyprus and Portugal, assessing their economic, fiscal and financial situation with a focus on their repayment capacity following their financial assistance programmes. The reports conclude that all five Member States retain the capacity to service their debt.

Proposal for a Joint Employment Report

The Commission’s proposal for a Joint Employment Report (JER) shows that labour markets remain robust overall. However, several structural weaknesses pose a risk to the EU’s global competitiveness and to social cohesion. This includes labour productivity, which shows a slow growth, and considerable labour and skills shortages.

The Joint Employment report includes the first-stage country analysis of the Social Convergence Framework, based on the Social Scoreboard. The analysis identifies risks to upward social convergence in nine Member States that are identified for a deeper analysis in spring 2026: Bulgaria, Greece, Spain, Italy, Lithuania, Lativa, Luxembourg, Romania, and Finland.

Next steps

The Eurogroup and the Council will now discuss the documents presented in the European Semester Autumn Package, with the view to endorsing the guidance offered.

The Commission will engage in constructive dialogue with the European Parliament on the contents of this package, as well as on each subsequent steps in the European Semester cycle.

For more information

Questions and answers on the 2026 European Semester Autumn Package

2026 European Semester Autumn package – Documents

Autumn 2025 Economic Forecast

The European Semester

Quote(s)

Competitiveness needs human capital – here we are too slow and too incremental compared to the speed of technological change. Our new EU 27 human capital recommendation brings this matter – that requires urgent action, to the discussion table not only of education and employment ministers but also finance ministers and Prime Ministers. Competitiveness means using our labour force, growing and keeping our talent, and ensuring that education and training policies answer the needs of today and tomorrow. This is the only way the EU can increase its productivity and maintain economic growth and the welfare of our union. The responsibility is joint – EU, national authorities and businesses; to join our resources and speed up together.

Roxana Mînzatu, Executive Vice-President for Social Rights and Skills, Quality Jobs and Preparedness

With the launch of the 2026 European Semester cycle, we are putting Europe’s competitiveness firmly at the centre of our agenda, in line with the Competitiveness Compass. In a challenging global environment, Europe must generate its own growth momentum by boosting productivity, fostering innovation and removing obstacles to investment. The Semester will contribute to this goal through coordinated national reforms, timely implementation of Recovery and Resilience Plans, and concrete action to foster our security and a resilient financial sector. The time is now; we must unlock Europe’s full growth potential and secure long-term prosperity.

Valdis Dombrovskis, Commissioner for Economy and Productivity; Implementation and Simplification

Commission registers European Citizens’ Initiative on the EU-Israel Association Agreement

Today, the European Commission has registered the European Citizens’ Initiative (ECI) entitled ‘Demand the full suspension of the EU-Israel Association Agreement in view of Israel’s violations of human rights’.

Following a thorough legal analysis of its admissibility, the Commission considers that the European Citizens’ Initiative fulfils the formal conditions established under the European Citizens’ Initiative Regulation. The Commission has not analysed the substance of the proposals at this stage. The registration does not influence the Commission’s final decision on its merits, or any potential action it may take. The Commission will make a decision on the initiative only if it collects at least 1 million signatures from EU citizens.

Next steps

Following today’s registration, the organisers have six months to open the 12-month period of signature collection. If an ECI receives at least one million statements of support during that time, with minimum numbers reached in at least seven Member States, the Commission is required to react, and decide what, if any, action it will take in response to the initiative, justifying its decision.

Background

The European Citizens’ Initiative was introduced with the Lisbon Treaty as an agenda-setting tool in the hands of citizens. It was officially launched in April 2012. Once formally registered, a European Citizens’ Initiative allows one million citizens from at least seven EU Member States to invite the European Commission to propose legal acts in areas where it has the power to act. The conditions for admissibility are: (1) the proposed action does not manifestly fall outside the framework of the Commission’s powers to submit a proposal for a legal act, (2) it is not manifestly abusive, frivolous or vexatious and (3) it is not manifestly contrary to the values of the Union.

Since the beginning of the European Citizens’ Initiative, the Commission has registered 123 initiatives.

The content of the initiative only expresses the views of the organisers and can in no way be taken to reflect the views of the Commission.

For more information

‘Demand the full suspension of the EU-Israel Association Agreement in view of Israel’s violations of human rights’

ECI statistics

ECIs currently collecting signatures

European Citizens’ Initiative Forum

#EUTakeTheInitiative campaign

Commission registers European Citizens’ Initiative on passports design

Today, the European Commission has registered the European Citizens’ Initiative (ECI) entitled ‘EU Stars On My Passport (STAR-PASS)’.

The initiative invites the Commission ‘to facilitate the introduction by the EU Member States of an additional option for the cover design of passports, offered to citizens applying for a new passport’. The organisers of the initiative consider that this option should ‘feature a blue background with the circle of gold stars – the EU symbol’ and the words ‘EUROPEAN UNION’ displayed prominently on the passport cover.

As this initiative fulfils the formal conditions established in the relevant legislation, the Commission considers it legally admissible under the European Citizens’ Initiative Regulation. The Commission has not analysed the substance of the proposals at this stage. The registration does not influence the Commission’s final decision on its merits, or any potential action it may take. The Commission will make a decision on the initiative only if it collects at least 1 million signatures from EU citizens.

Next steps

Following today’s registration, the organisers have six months to open the 12-month period of signature collection. If an ECI receives at least one million statements of support during that time, with minimum numbers reached in at least seven Member States, the Commission is required to react, and decide what, if any, action it will take in response to the initiative, justifying its decision.

Background

The ECI was introduced with the Lisbon Treaty as an agenda-setting tool for the citizens. It was officially launched in April 2012. Once formally registered, a European Citizens’ Initiative allows one million citizens from at least seven EU Member States to invite the European Commission to propose legal acts in areas where it has the power to act. The conditions for admissibility are: (1) the proposed action does not manifestly fall outside the framework of the Commission’s powers to submit a legal proposal, (2) it is not manifestly abusive, frivolous or vexatious and (3) it is not manifestly contrary to the values of the Union.

Since the beginning of the European Citizens’ Initiative, the Commission has registered 123 initiatives.

The content of the initiatives only expresses the views of the organisers and can in no way be taken to reflect the views of the Commission.

Paphos FC and AEK were the two teams that benefited the most from Matchday 11 of the Cyprus League By Stoiximan, which concluded yesterday with the win of Akritas Chlorakas by 2-0 over Krasava Ypsonas at the ‘Ammochostos’ Stadium.

Paphos defeated Aris 2-1 in Friday’s derby, reaching 25 points and returning to the top of the standings, capitalizing the loss of Omonia by 2-0 from Apollon in Limassol on Saturday.

AEK, which beat Olympiakos 4-1 at GSP Stadium on Saturday, climbed to 23 points, joining Omonia and Aris in second place. APOEL dropped to fifth after its 2-1 defeat to AEL on Sunday, also at GSP.

In summary, the Matchday 11 results were: Paphos-Aris 2-1, Omonia Ar. – Ethnikos 3-2, Olympiakos – AEK 1-4, Paralimni – Anorthosis 2-3, APOEL – AEL 1-2, Apollon – Omonia 2-0, Ypsonas – Akritas Chlorakas 0-2.

Standings:

Paphos FC 25, Omonia 23, AEK 23, Aris 23, APOEL 21, Apollon 19, AEL 16, Ethnikos 14, Akritas Chlorakas 12, Olympiakos 11, Anorthosis 11, Omonia Ar. 10, Krasava Ypsonas 7, Paralimni 1.

Cyprus is among the 12 eurozone countries whose draft budgets for 2026 were assessed as compliant with the European fiscal framework. This means that Cyprus is called upon to continue implementing its planned fiscal policy for 2026, in accordance with the relevant recommendations of the Council, while highlighting the risk of exceeding net expenditure for 2026.

“The Commission presented its opinion on the draft budgets for 2026 from the 17 eurozone member states that have already submitted them to the Commission in October’, Valdis Dombrovskis, Commissioner for Economy, Productivity, Implementation, and Simplification, after the College of Commissioners meeting in Strasbourg said.

‘Twelve of these drafts align with the Commission’s guidelines. These are: Luxembourg, Finland, Germany, Estonia, Greece, Latvia, Italy, Slovakia, France, Cyprus, Ireland, and Portugal,” he noted.

In its Opinion on Cyprus’s Draft Budget for 2026, the Commission notes that the government’s macroeconomic projections are more optimistic than its own. “The macroeconomic scenario underpinning the fiscal projections in the Draft Budgetary Plan appears to be more favourable than the Commission’s forecast for 2026,” it says.

The Commission emphasizes that “the fiscal stance is projected to be expansionary by 0.4% of GDP in 2026,” following a similar expansion in 2025. Despite the slowdown in growth, the Commission forecasts that the fiscal surplus will remain high, as “the general government fiscal surplus is expected to remain significant,” estimating it at 3.0% of GDP for 2026. At the same time, the public debt-to-GDP ratio is expected to continue declining, with the Commission noting that “the debt-to-GDP ratio is expected to decrease to 51.0% by the end of 2026.”

Particular emphasis is placed on net expenditure, where Cyprus faces a risk of exceeding the Council’s recommendations. According to the EU Commission’s Opinion, “net expenditure is expected to increase by 6.5% in 2026, a rate higher than the recommended maximum of 5.0%.” This excess corresponds to “a deviation of 0.5% of GDP,” while the total cumulative deviation is also estimated at 0.5% of GDP.

Finally, despite these deviations, the Commission concludes that “the Draft Budgetary Plan of Cyprus complies with the fiscal obligations of the Stability and Growth Pact.” However, it accompanies its assessment with a warning that “Cyprus risks substantially exceeding the maximum increase in net expenditure.”

Preventing and combating online violence against girls and promoting gender equality more broadly are key priorities of the Government and a central priority of the upcoming Cyprus Presidency of the Council of the European Union, with actions that will strengthen the European agenda to tackle the phenomenon said Commissioner for gender equality Josie Christodoulou.

In a written statement on the occasion of the International Day for the Elimination of Violence against Women, the Commissioner said that protecting women and girls in the digital space requires effective cooperation with social media platforms and strengthening digital literacy at all levels.

She further said creating a secure digital environment is a collective responsibility involving institutions, technology companies, educational structures and every member of our society.

Christodoulou noted that in a digital environment that is now an integral part of everyday life, women and girls are exposed to new forms of gender-based abuse: from online sexism and intimidation, threats and sexist targeting, to non-consensual sharing of personal material, surveillance, harassment and attacks on their professional and public presence.

The Commissioner also noted that these forms of violence are no less serious because they occur in the digital space, they have real, harmful consequences for the lives, mental health and safety of women and girls.

The European Commission has published on Tuesday, as part of the European Semester, its post-programme surveillance reports for Ireland, Greece, Spain, Cyprus, and Portugal. In this assessment, the Commission evaluated the economic, fiscal, and financial situation of the countries that had participated in financial assistance programs, focusing particularly on their debt repayment capacity. According to the Commission, “all five Member States maintain their capacity to service their debt,” with Cyprus showing particularly positive indicators.

Specifically, the macroeconomic environment in Cyprus continues to be positive, with real GDP growing by 3.6% in the first half of 2025, supported by “strong, though moderating, aggregate consumption” (+3.4%) and investment growth of 10.4%. Service exports, especially in the ICT sector, remained robust, while tourism recorded “record arrivals.” The labor market remains favorable, with employment increasing by 1.7% and unemployment falling to a historic low of 4.6%. Inflation declined significantly in the second quarter of 2025, although core inflation remains elevated due to strong demand in the services sector.

Cyprus’s fiscal position is characterized by strong surpluses, which rose to 4.1% of GDP in 2024 from 1.7% in 2023, and are expected to remain substantial in the coming years (3.3% in 2025, 3.0% in 2026, and 3.2% in 2027). Revenues are growing dynamically, while expenditures are carefully controlled, contributing to the reduction of public debt, which is projected to fall below 60% of GDP by the end of 2025.

According to the report, Cyprus’s financial sector remains resilient, with banks showing “strong profitability, high capital adequacy, and ample liquidity.” The common equity tier 1 (CET1) ratio stands at 26.3%, the highest in the EU, providing a significant buffer. Non-performing loans continue to decrease, although challenges remain, particularly among smaller banks.

Cyprus maintains low financing needs, with estimated gross financing needs of approximately pound 1 billion in 2025 (3.0% of GDP) and pound 0.94 billion in 2026 (2.6% of GDP). Liquidity remains strong, with cash reserves of pound 3.9 billion (about 11% of GDP) as of the end of September 2025, covering 1.3 times the financing needs for the next 12 months.

Regarding public debt and its repayment, the report notes that Cyprus “consistently maintains the capacity to service its debt,” supported by several factors ensuring long-term sustainability. Ongoing fiscal discipline and substantial surpluses allow for the reduction of the debt-to-GDP ratio, expected to fall below 60% by the end of 2025 and to continue declining through 2028.

The debt maturity profile remains favorable, with an average maturity of total debt of 6.4 years and an average maturity of marketable debt of 7.4 years (data as of August 2025). Approximately 34.1% of debt is based on variable interest rates, mainly stemming from European Stability Mechanism (ESM) loans, while 27.4% is held by the European Central Bank. All outstanding debt is denominated in euros, eliminating foreign exchange risk.

The first loan repayment to the ESM, amounting to pound 350 million, is scheduled for December 2025, followed by estimated annual repayments of about pound 1 billion during 2026-2031.

Cyprus’s positive credit ratings from international agencies (DBRS, Fitch, Moody’s, S and P) underscore the “resilience of the economy and the steady capacity to service debt.” The 2024 Debt Sustainability Monitor rates the risks to Cyprus’s fiscal sustainability as “medium in the medium term, but low in the short and long term,” owing to long debt maturities, high cash buffers, low gross financing needs, and the ongoing debt reduction.

Overall, according to the report, Cyprus presents a stable and sustainable fiscal and economic situation, supported by strong growth, fiscal discipline, and a resilient financial sector, ensuring its ability to service public debt and strengthening its position in international markets.

The President of the Republic, Nikos Christodoulides, visit to Lebanon on Wednesday will focus on issues of energy cooperation and broader regional issues, according to a written statement by the Government Spokesman, Konstantinos Letymbiotis.

Letymbiotis notes that the President will depart on Wednesday morning for Lebanon, following an invitation by President Joseph Aoun, for a visit of “particular significance, at a time when cooperation, mutual trust, and stability in the Eastern Mediterranean are gaining even greater importance.”

According to the Government Spokesman, President Christodoulides’ visit to Beirut is part of the ongoing effort of the Republic of Cyprus to deepen its relations with the countries of the region and with Lebanon specifically, which is an important partner “with whom we share historically friendly ties, common challenges, and strategic interests,” he states.

In the context of the continuous deepening of relations and strengthening of cooperation with Lebanon, during the President’s stay in Beirut specific announcements concerning issues of energy cooperation and broader regional dimensions are to be expected, which, according to Letymbiotis, confirm the steady orientation of the Republic of Cyprus towards enhancing security and stability in the region.

‘The visit is a continuation of an especially active and productive period of contacts between the two countries, reflecting the upgraded momentum of our bilateral relations. In this context, there will be an exchange of views on regional developments, on issues of security and stability, as well as on the progress of cooperation in areas of mutual interest,’ the Government Spokesman notes.

He further stresses that Cyprus consistently places importance on strengthening Lebanon’s resilience and stability, which is considered crucial for the region as a whole.

At the same time, according to Konstantinos Letymbiotis, the visit creates an opportunity for discussion on further enhancing cooperation within the framework of EU-Lebanon relations, particularly in light of the upcoming Cypriot Presidency of the Council of the European Union. ‘As the EU member state closest to Lebanon, Cyprus remains firmly oriented toward strengthening the EU-Lebanon partnership,’ he points out.

The President of the Republic will be accompanied to Lebanon by the Government Spokesman, the Deputy Minister for European Affairs, Marilena Raouna, the National Security Advisor, Tasos Tzionis, the Director of the President’s Diplomatic Office, Doros Venezis, and senior officials.

The Cyprus University of Technology is pleased to announce the half-day event ‘Industrial Mathematics Driving Sustainable Economy Innovations’, taking place on 4 December 2025 at the Limassol Municipal University Library, Agiou Andreou 269, Limassol 3032, Cyprus.

This event is organised as a satellite meeting to the annual gathering of the Council of the European Service Network of Mathematics for Industry and Innovation (EU-MATHS-IN) and aims to highlight the pivotal role of Industrial Mathematics in advancing sustainable technologies and practices. The programme will bring together leading academics, industry partners, and innovation-focused organisations from Cyprus and abroad.

Invited Contributions Include:

Prof. Kalogerakis, CHQ Technologies PC and Technical University of Crete

‘Modelling challenges in sustainable application of nanobubble technologies.’

Prof. Katerina Kaouri, Cardiff University

‘Epidemic modelling in indoor spaces for healthy and resilient buildings and communities.’

DiGiNN, European Digital Innovation Hub of Cyprus

Mathematical modelling as an integral part of advanced digital technologies and their role in sustainable innovations.

EOAL – Larnaca Waste Management Authority

Circular strategies in wastewater treatment and municipal waste.

Mr Andreas Gregoriou, Elysee Irrigation Ltd

Design of circular materials.

Organizer:

Dr Panayiota Katsamba

Lecturer, Department of Chemical Engineering

Cyprus University of Technology

We look forward to welcoming participants to this important event showcasing the power of mathematics in driving sustainable innovation. Registration via the online form is necessary.