Petrides: IMF Executive Director Has Praised Cyprus' Noteworthy Economic Performance

IMF’s Executive Director, Paul Hilbers, praised Cyprus' economic performance during the last years as particularly significant in a time of global macroeconomic uncertainty, Finance Minister Costantinos Petrides told CNA.

Petrides met on Tuesday with the IMF senior official who carried out his first official visit to Cyprus.

In statements to CNA over his meeting with Hilbers, Petrides said that he assured the IMF Executive Director that the Cypriot economy has embarked on a course of stability having been structurally changed and vowed that the new government will continue this course.

He also said that Hilbers expressed gratitude over the very important and creative collaboration between Cyprus and the IMF in the last years.

According to Petrides, Hilbers said the reduction of public debt, the correction of public finances as well as the growth rates achieved by the Republic of Cyprus in the last years have not only been noteworthy but have overperformed the IMF’s projections by a significant margin.

“Hilbers also stressed that this performance is particularly significant in a period of global macroeconomic uncertainty,” Petrides said.

The outgoing Finance Minister also said that he thanked Hilbers for the collaboration with the IMF and assured that this cooperation will continue with the new government.

Petrides said he told the IMF official that “the Cypriot economy has embarked on a course of stability and has undergone structural changes” and stressed that this course will be followed by the next government because “there is consistency in Cyprus regarding economic policy.”

The incumbent Finance Minister also recalled Cyprus' strategy titled “Vision 2035” on the island’s growth model which applies “to all governments to follow.”

Furthermore, in a press release issued after the meeting between Hilbers and Petrides, the Finance Ministry said that the meeting covered international economic and geopolitical developments and the state of play as well as the future prospects of the Cypriot economy.

Source: CNA