The report by Fitch Ratings reaffirming the Republic of Cyprus’ rating at investment grade A- with a positive outlook constitutes yet another distinct and independent confirmation of the sound economic policy pursued by the Government, which safeguards the stability and continued growth of the Cypriot economy, Minister of Finance Makis Keravnos said Saturday.
In a written statement, Keravnos welcomed ‘with particular satisfaction’ the Fitch report, noting that it comes ‘as a continuation of many positive assessments of the Cypriot economy by international rating agencies in recent years’.
In an international economic and geopolitical environment experiencing instability due to the ongoing wars, and given the potential risks to the global economy, with serious repercussions also for the economy of the EU and, consequently, Cyprus, he said, ‘it is indeed particularly encouraging for Cyprus’ small and open economy that international credit rating agencies such as Fitch certify the resilience of the Cypriot economy and maintain its creditworthiness at investment grade level while keeping its outlook unchanged’.
The Minister assured that the Government would consistently continue its economic policy, which, he said, is based on fiscal discipline, the reduction of public debt, and a balanced development policy that supports businesses and households ‘by creating a favourable climate for investment, making the Cypriot economy resilient in managing crises and providing the tools that enable the Government to implement targeted social policies supporting citizens and vulnerable social groups’.
Meanwhile, the Ministry of Finance described Fitch’s rating as ‘particularly encouraging’, considering, it said, ‘the particularly difficult and volatile environment’ in which Cyprus’ economy currently operates.
‘This indicates that despite changes in international circumstances, the prospects of the economy of the Republic of Cyprus remain positive,’ the Ministry of Finance said in its own statement.
The Republic of Cyprus, it said, will continue to implement a prudent fiscal and macroeconomic policy, such as that followed in recent years, which allows the state to retain sufficient tools to manage international crises and implement policies aimed at economic stability and growth, as well as socially sensitive policies targeting the protection of vulnerable and disadvantaged groups.