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Yesterday's Eurogroup meeting discussed the 14th Cyprus Post-Programme Surveillance Report, the positive conclusions of which were welcomed by Finance Minister Makis Kerynos.
The current situation and the further course of the Cypriot economy was assessed positively by the institutions of the European Commission (EU), the International Monetary Fund and the European Stability Mechanism. They confirmed the growth rate of the Cypriot economy, which is three times above the Eurozone average, the drastic reduction of inflation and the surplus fiscal balance. He presented the economic projections included in the stability programme, which are in line with EU estimates. Regarding labour market developments, the Minister said that the unemployment rate in 2022 decreased compared to 2021 and is expected to continue its downward trend in the coming years, based on the steady growth of the economy. Public debt is expected to decline further by the end of 2023, and is projected to continue its downward trend in the coming years, supported by Gross National Product (GNP) growth and primary surpluses. He drew particular attention to the fact that in recent years the Non Performing Loans (NPLs) in the banking sector have been reduced by more than 100% of GDP and their level has reached single digits, achieving the relevant target of the Recovery and Resilience Plan. It also referred to the fact that there is currently a comprehensive legal framework for loan restructuring, which has yielded significant results and which the Government will strengthen in the coming period with new complementary Plans.
In conclusion, the Finance Minister stressed that the Government's main policy objective remains to ensure macroeconomic stability in order to facilitate growth and job creation.
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