He adds that key factors that have contributed to the strong confidence in the Cypriot economy are the Government`s permanent commitment to maintain budgetary surpluses, the trend of reducing public debt, the persistent efforts to consolidate the banking sector, as well as the management of the public debt and securing strong cash reserves by the State.įinally, he says that especially under the difficult conditions in the world economy and in the international markets due to the crisis of the coronavirus pandemic and the economic challenges, the Ministry of Finance remains committed to maintaining the credibility of the Cypriot economy. "The rating is a confirmation of the rational management of the economy and public finances by the Government, which is the key to ensuring macroeconomic stability and fiscal sustainability," he notes. The Minister noted the importance of the affirmation of Cyprus’ rating, despite the fact that the economy is in the midst of the negative effects of the Covid -19. Standard & Poor’s Global Ratings affirmed Friday its `BBB-/A-3` long- and short-term foreign and local currency sovereign credit rating on Cyprus, with a stable outlook. Cyprus Finance Minister Constantinos Petrides in a written statement issued on Saturday, says that Standard & Poor’s credit rating is a confirmation of the rational management of the economy and public finances by the Government, despite the negative effects of the Covid-19 pandemic.
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