President Nikos Christodoulides welcomes the assessment, stating that fiscal responsibility and market confidence are delivering tangible benefits for Cypriot citizens.

President Nikos Christodoulides said Moody’s assessment of the Cypriot economy recognises an economic strategy that is delivering results in practice, noting that the development has clear political and economic significance for Cyprus.

In a written statement, the President welcomed Moody’s latest assessment of the Cypriot economy, saying that at a time when the global economy is being tested by uncertainty, geopolitical tensions and continuous pressures, Cyprus is assessed as an economy with credibility, resilience and prospects.

He said Moody’s reference to strong institutional governance and effective policymaking confirms the soundness of the economic strategy being followed.

President Christodoulides said that from the first day of his administration, the priorities set were fiscal responsibility, stability, the reduction of public debt, the strengthening of growth momentum and the creation of real benefits for citizens.

“The results confirm that this course is correct, effective and internationally recognised,” he said.

According to the President, the development strengthens the credibility of the Republic of Cyprus, supports the confidence of markets and investors, helps protect the economy from external risks and creates greater scope for targeted social policy.

He added that this includes support for the middle class and the strengthening of households, workers, young people and businesses.

“We continue with the same seriousness, with a specific plan and a clear direction,” he said, adding that the aim is “to safeguard what we have achieved, further strengthen the resilience of our economy and turn every positive result into more security, more opportunities and better prospects for citizens and society.”

“Cyprus comes above all,” the President concluded.

Source: CNA(ΚΥΠΕ)