Category: Cyprus News Agency

President of the Republic, Nikos Christodoulides, is traveling to New York from Athens on Saturday, where he will address the 81st United Nations General Assembly. During his stay in New York, he will hold a meeting with UN Secretary-General Antonio Guterres, his Personal Envoy for Cyprus, Maria Angela Holguin, as well as heads of state or government and heads of organizations and multinational companies.

As has been announced by the Presidency says that the President will also hold contacts with representatives of the Cypriot diaspora.

President Christodoulides will begin his contacts on Sunday evening, September 20, with a meeting with the heads of the Greek diaspora organizations, during which he will inform them about the developments as regards the Cyprus issue.

On the next day, September 21, he will have a meeting with King Abdullah II of Jordan, while in the afternoon he will participate in a Summit co-organized by the President of the European Council Antonio Costa and the Prime Minister of Canada Mark Carney, on multilateralism, international law, peace and prosperity.

On September 22, President Christodoulides will attend the opening of the Plenary Session of the Summit, during which the UN Secretary-General will present his Progress Report. On the same day, the President of the Republic will have a meeting with President of Chevron’s Base Assets and Emerging Countries Department, Javier la Rosa.

He will then hold a meeting with UN Secretary-General’s Personal Envoy for Cyprus Maria Angela Holguin.

On September 23, the President of the Republic will address the Plenary Session of the UN General Assembly.

Later, he will participate in the proceedings of the High-Level Meeting convened by the UN Secretary-General on Climate Change, during which he will make an intervention.

In the afternoon, he will have a meeting with Vice President of ExxonMobil, John Ardill.

On September 24, the President of the Republic will attend a working breakfast organized by the Antenna Group and the Atlantic Council, entitled ‘Consolidating EU-Gulf Cooperation for Regional Security and Prosperity’.

Later on, President Christodoulides will have a meeting with UN Secretary-General Antonio Guterres, at the Secretary-General’s Office, in the UN building.

He will then host a luncheon for the Permanent Representatives of the five Permanent Members of the UN Security Council.

On the morning of September 25, the President of the Republic will meet with Vice President of the People’s Republic of China, Han Zheng, and then with representatives of the AJC.

Before departing from New York, President Christodoulides will attend a dinner organized in his honor by organisations of the Cypriot diaspora.

President Christodoulides, who will be accompanied by Minister of Foreign Affairs, Constantinos Kombos, Government Spokesperson, Konstantinos Letymbiotis, and Greek Cypriot Negotiator, Menelaos Menelaou, will return to Cyprus on the evening of September 26.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results due to Turkish intransigence. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

UN Secretary-General Antonio Guterres, whose term nears its end, announced he would convene another meeting in broader format, after adequate preparation, but gave no timeline. He secured to that end the consensus of both sides and of the guarantor powers. María Angela Holguín, Guterres’ Personal Envoy on Cyprus, is tasked to engage with the parties. Executive Vice-President Raffaele Fitto acts as the European Commission’s Special Representative for Cyprus, succeeding EU special envoy Johannes Hahn.

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.

The UN mission in Cyprus warned in a post on X on Saturday against any hunting activities in the Buffer Zone.

‘A reminder that any aggressive or endangering behaviour by hunters against UN peacekeepers or civilians will be reported by UNPOL to the local authorities for prompt and proper prosecution in accordance with the law’, it is stressed.

The upgrade of the Republic of Cyprus’s credit rating by S and P, at a time of great instability and uncertainty, whilst conflicts and negative geopolitical developments continue, takes on particular weight and significance for the prospects of the Cypriot economy, Finance Minister Makis Keravnos says in a statement on Saturday.

Keravnos expresses his satisfaction at the decision by S and P Global Ratings to upgrade the Republic of Cyprus’s credit rating from ‘A-‘ to ‘A’ and to maintain a positive outlook.

‘Cyprus has moved up one notch in the investment grade category, and its credibility in international markets has been further strengthened,” he says.

“The upgrade of the Republic of Cyprus’s credit rating by S and P, at a time of great instability and uncertainty, whilst conflicts and negative geopolitical developments continue, takes on particular weight and significance for the prospects of the Cypriot economy’, Keravnos stresses, adding that the balanced and growth-oriented economic policy pursued by the government, which ensures resilience and strengthens the fundamentals of the Cypriot economy, is effectively recognised by the agency’s upgrade of the country’s credit rating.

He adds that the agency’s maintenance of a ‘positive outlook’ in its assessment of the Cypriot economy is particularly important and confirms forecasts for continued economic growth.

‘The government will continue to consistently implement its prudent, growth-oriented and socially sensitive economic policy, which most effectively ensures the economy’s resilience and growth, whilst maintaining budget surpluses and continuing to reduce public debt, thereby strengthening the state’s ability to challenges,” the Finance Minister adds.

“The government’s priority is to ensure that the benefits of the economy’s positive performance reach our households and businesses, and that our most vulnerable fellow citizens are effectively supported through a targeted social policy,’ Keravnos concludes.

S and P’s decision to upgrade the Republic of Cyprus’ rating from ‘A-‘ with a positive outlook to ‘A’, also with a positive outlook, reflects its confidence in the strong fundamentals of the Cypriot economy, as well as its resilience to the effects of the adverse international environment, the Ministry of Finance also says in a press release issued today.

According to the Ministry, this upgrade comes at a time when the international environment is characterised by significant geopolitical uncertainties, which are exerting considerable pressure on economies worldwide and causing serious economic and social repercussions.

As stated, the key points of S and P’s statement concern the expected continuation of economic growth – which is forecast to be 2.7%- unless there is a significant deterioration in the situation in the Middle East, whilst budget surpluses are also forecast to continue.

It is added that the sharp reduction in public debt is forecast to continue, with public debt projected to fall to just over 30% by 2029, whilst it is expected that the very positive situation in the labour market, as well as continued private investment (both foreign and domestic), will boost domestic demand, with positive effects on the economy.

According to the Ministry, the agency stated that the current account deficit is forecast to fluctuate around 7% for the period 2027-2029, which it considers manageable.

Among the key factors that could influence, positively or negatively, the future trajectory of the Republic of Cyprus’s credit rating, S and P lists a potential significant external shock (such as the spread of war in the Middle East), the trajectory of public finances, a further reduction in public debt, and the continued inflow of foreign direct investment into the economy.

‘In such a negative environment, not only has Cyprus been upgraded, but expectations of further upgrades remain strong as the positive outlook is maintained; this means that, should the agency’s forecasts materialise, there may well be an upgrade within the next 12 months, whilst the Republic of Cyprus has returned to the ‘A’ rating for the first time since 2010, having thus practically fully recovered from the consequences of the 2011- -2013, whilst it is now just one notch below its all-time highest rating (A+) from S and P’, it is noted.

Continued commitment to fiscal discipline and sound economic choices has already borne fruit and is expected to yield further benefits in the future, the Finance Ministry concludes.

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.

The UN mission in Cyprus warned in a post on X on Saturday against any hunting activities in the Buffer Zone.

‘A reminder that any aggressive or endangering behaviour by hunters against UN peacekeepers or civilians will be reported by UNPOL to the local authorities for prompt and proper prosecution in accordance with the law’, it is stressed.

Minister of Foreign Affairs Constantinos Kombos is traveling to New York, where he will accompany President of the Republic Nikos Christodoulides in his contacts within the framework of the High-Level Week of the 81st Session of the United Nations General Assembly.

According to a Ministry of Foreign Affairs press release, during his stay in New York, the Minister will hold a series of bilateral and trilateral contacts on the sidelines of the UN General Assembly. These contacts have been arranged on the basis of targeted planning, the press release says.

The Minister will attend the High-Level Meeting of Small States of Europe, which is co-organised by the Republic of Cyprus and the Republic of Andorra, in the context of reviving the effort to strengthen coordination and cooperation between small European states.

Furthermore, the Minister will participate in an Informal Foreign Affairs Council of the European Union, in the Ministerial Meeting of the Global Alliance for the Implementation of the Two-State Solution for the Palestinian Issue, as well as in the High-Level Meeting on Sea Level Rise.

The High-Level Week is one of the most important meeting points of international diplomacy every year. Their simultaneous presence offers an important opportunity for intensive contacts, exchange of views and discussion of international, regional and bilateral issues, the Ministry of Foreign Affairs concludes.

The rating agency S and P Global Ratings upgraded on Friday evening Cyprus’ long-term and short-term credit ratings in local and foreign currency from ‘A-/A-2’ to ‘A/A-1’, assigning a positive outlook to the long-term rating.

According to an agency statement, the Cypriot economy is expected to continue growing, resulting in strong fiscal revenues that will enable further public sector deleveraging over the coming years.

As noted, the significant increase in exports of services, particularly in the sectors of information technology and intellectual property rights, has strengthened the country’s export base, and strong inflows of foreign direct investment have mitigated the accumulation of private-sector external debt despite high current account deficits, while at the same time, fiscal surpluses have facilitated a sharp reduction in the public sector’s external debt.

It is added that public debt continues to fall both as a percentage of GDP and in absolute terms, supported by strong economic growth, robust tax revenues and expenditure control, with S and P forecasting budget surpluses averaging slightly below 3% of GDP until 2029, reducing net public debt to a level slightly above 30 per cent of GDP over the same period.

With regard to economic growth, it is noted that it is projected to average just under 3% until 2029, supported by resilient domestic demand, which is benefiting from a strong labour market, rising real incomes and significant public and private investment, including the utilisation of funds from the ‘Next Generation EU’ programme.

It is further noted that the Cypriot economy has remained resilient despite the regional conflicts in Russia-Ukraine and the Middle East, with oil prices forecast to rise in 2026 and 2027, which are expected to remain manageable for Cyprus, despite its heavy reliance on oil imports for electricity generation.

In this regard, it is emphasised that strengthening energy security remains a top priority for the Cypriot government, particularly given the current geopolitical climate.

As natural gas extraction remains a long-term ambition, the completion of the liquefied natural gas (LNG) terminal at Vasiliko is regarded as a crucial medium-term solution for mitigating energy risks, as once it becomes operational, the terminal could facilitate the transition away from diesel-fired power stations and significantly reduce energy costs – which are among the highest in the EU – while also helping to address the low share of renewable energy sources on the island, it is noted in this regard, adding that the terminal’s timetable remains uncertain due to frequent delays in construction, thereby jeopardising its planned commissioning towards the end of 2027.

Reference is also made to the ‘Great Sea Interconnector’ electricity interconnector, which aims to connect Cyprus’s electricity grid with those of Greece and Israel and remains on hold due to disputes with Turkey, despite the fact that EU funding has been secured for the majority of the project.

As regards inflation, the agency expects it to average 3.8% this year, given that Cyprus remains particularly vulnerable to fluctuations in oil prices, despite the extension of reduced VAT rates on fuel until 2027.

According to S and P in the banking sector the average non-performing loan ratio continued to fall, reaching 1.6 % in December 2025, below the European average, while the volume of domestic credits increased for the first time in 2025 by 2.5% following years of decline, and a further increase is expected.

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (A)

FOR THE PERIOD FROM 0600 19/09/2026 UNTIL 0600 20/09/2026

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1013hPa (hectopascal)

Weak low pressure is affecting the area. The weather will be mainly fine, but locally increased cloud coverage will be present at times.

Visibility: Good

Sea surface temperature: 28°C

Warnings: NIL

AREA PERIOD WIND STATE OF SEA

West Coast

Morning Southwest to Northwest 3 to 4, locally at first Northwest to North 3 Slight

Afternoon West to Northwest 3 to 4, locally 4 Slight

Night West to Northwest 3 to 4, gradually Northwest to North Slight, gradually Smooth to Slight

South Coast

Morning Variable 3, gradually Southeast to Southwest 3 to 4 Smooth to Slight

Afternoon South to Southwest 4, gradually locally Southwest to West 4 to 5 Smooth to Slight, gradually locally Slight

Night Southwest to Northwest 3 to 4, gradually Northwest to North 3 Smooth to Slight

East Coast

Morning West to Northwest 3 to 4, gradually Southeast to Southwest Smooth to Slight

Afternoon South to Southwest 4, gradually locally Southwest 4 to 5 Smooth to Slight

Night Southwest 4, soon West to Northwest 3 to 4 Smooth to Slight

North Coast

Morning Southwest to Northwest 3 to 4 Smooth to Slight, locally Slight

Afternoon Southwest to Northwest 3 to 4, locally 4 Smooth to Slight, locally Slight

Night Southwest to West 3 to 4, gradually Southeast to Southwest 3 Slight, gradually Smooth to Slight

President of the Republic Nikos Christodoulides highlighted on Friday evening the strong growth trajectory of the Cypriot economy and the continued strengthening of the country’s shipping sector, noting that Cyprus is now rated in the A category by all major international rating agencies and that public debt has fallen below 48% of GDP.

At the same time, the total carrying capacity of the Cyprus-flagged fleet has reached its highest level in the past 25 years, further underscoring the importance and resilience of Cyprus’ shipping industry.

President of the Cyprus Union of Shipowners, Polyis Hadjioannou, expressed the Union’s gratitude to President Christodoulides for his support of the Cypriot shipping sector, as well as its appreciation for the work of the Deputy Minister of Shipping and the Ministry’s officials, who, he said, continue to provide consistent and effective support to the industry.

Speaking in Athens at a dinner hosted in his honour by the Cyprus Union of Shipowners, in the presence of President of the Hellenic Republic Konstantinos Tasoulas, President Christodoulides said these achievements reflected the resilience, stability and international credibility that the Cypriot economy has built up.

‘Through our responsible economic policies, we have achieved one of the highest growth rates in the European Union, with growth of 3.3% during the first half of 2026, while unemployment has fallen to 3.6%, its lowest level since 2008,’ the President said.

He also highlighted the contribution of the shipping sector to Cyprus’ positive economic performance, stressing that, alongside fiscal responsibility, shipping remains a key pillar of the economy.

‘For our Government, the Cyprus Union of Shipowners is, in practice, one of our most important partners and fellow travellers,’ President Christodoulides said.

He further noted that the Cyprus Ship Registry has recorded an increase of more than 27%, stressing that the Government is consistently working to further strengthen the resilience, competitiveness and international presence of Cyprus’ shipping industry.

He also referred to Cyprus’ re-election to the Council of the International Maritime Organization (IMO), describing it as confirmation of the international recognition of Cyprus’ role and credibility in the maritime sector.

The President stressed that Cyprus, in coordination with Greece and other EU member states, is working to strengthen maritime safety and address the sector’s emerging challenges, including decarbonisation, digitalisation and technological upgrading.

He also highlighted the importance of multilateral cooperation with maritime nations, as well as efforts to further strengthen cooperation in the shipping sector with the countries of the Gulf region.

Particular reference was made to the Nicosia Declaration, adopted during Cyprus’ Presidency of the Council of the European Union, under which member states committed to placing greater emphasis on the human capital that supports the shipping industry.

The President also underlined the excellent cooperation between Cyprus and Greece, with the common objective of addressing shared challenges and further enhancing the benefits generated by shipping for both countries.

Concluding his remarks, President Christodoulides paid tribute to the Cyprus Union of Shipowners for its longstanding contribution to the development and strengthening of Cypriot shipping, and congratulated its President and members of the Executive Committee for the important work they are carrying out in support of the sector.

For his part, President of the Hellenic Republic Konstantinos Tasoulas said Cyprus had every reason to take pride in the position it has established on the global shipping map, describing it not only as an economic achievement but also as a source of international influence.

Referring to the strong presence of Cyprus and Greece in international shipping, he said the two countries ‘have a common interest and a shared responsibility to contribute actively to protecting freedom of navigation, the safety of seafarers and the uninterrupted operation of global supply chains.’

He stressed that Greece and Cyprus can and should have a strong and coordinated voice on issues affecting international shipping.

With regard to the Cyprus issue, President Tasoulas said that Greece, in full coordination with the Republic of Cyprus, is making a constructive contribution to the ongoing consultations aimed at ensuring the success of the next informal enlarged meeting.

He also stressed that efforts to create faits accomplis on the ground, as well as discussions surrounding a ‘two-state solution’, are not acceptable.

Concluding his remarks, President Tasoulas said that Cyprus and Greece share a common maritime tradition, common challenges and significant common interests. As a result, he noted, the voice of the two major maritime nations of the Eastern Mediterranean can be meaningful and useful.

Welcoming the guests, President of the Cyprus Union of Shipowners said Cyprus is Europe’s largest ship-management centre and one of the three largest globally, while also referring to the challenges currently facing the shipping industry.

He highlighted practices adopted by major maritime nations outside Europe and stressed that Europe cannot afford to allow its maritime strength to weaken.

He further argued that Europe’s strategic autonomy is closely linked to the fleets of Cyprus and Greece, noting that ‘without a strong European shipping industry, strategic autonomy cannot exist.’

Hadjioannou also made particular reference to the longstanding and close ties between Cyprus and Greece, noting that Greek shipowners were the first to place their trust in the Cyprus flag and continue to support it today.

‘The history of shipping teaches us that states which recognise the strategic importance of shipping move forward,’ the President of the Cyprus Union of Shipowners concluded.

Among those attending the event were Minister of Foreign Affairs Constantinos Kombos, Government Spokesperson Konstantinos Letymbiotis, Deputy Minister of Shipping Marina Hadjimanolis, Deputy Prime Minister of Greece Kostis Hatzidakis, European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas, Ambassador of the Republic of Cyprus to Greece Stavros Avgoustides, as well as other government officials.

From Athens, President Christodoulides will travel to New York, where he will participate in the proceedings of the 81st session of the United Nations General Assembly.