ECONOMY

Nicosia sees ‘positive’ trend on economy

President Nicos Anastasiades said on Monday the Cyprus economy was showing a positive trend after an EU bailout as it faced “huge challenges” ahead to boost foreign investment and youth employment.

Cyprus earlier this month passed its second evaluation from a troika of international lenders in order to receive its next tranche of a 10-billion-euro rescue package to bail out its troubled economy.

But the so-called troika – the European Commission, European Central Bank and International Monetary Fund – still expects the Cypriot economy to contract 7.7 percent this year and 4.8 percent in 2014.

“To date we had two positive evaluations from the troika, something which demonstrates our full commitment to the timely implementation of the MOU [accord with the EU] to stabilize and restore trust in our economy,” Anastasiades told an economic conference in Nicosia.

“We are taking bold decisions to implement prudent fiscal policy, we are changing what must be changed and proceeding with large and bold structural changes. We are turning the crisis into an opportunity, we are trying at least.” he said.

“We still have huge challenges before us, and that is why we have to be daring, we have to be consistent, in order to restore as soon as possible the full confidence and trust in the Cypriot banking system.”

[AFP]