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President Christodoulides welcomes Fitch upgrade

09:43 - 13 March 2023

Economy

President Nikos Christodoulides has welcomed the decision by Fitch Ratings to upgrade Cyprus’ long-term credit rating by one notch to ‘BBB’ with a stable outlook as “an important development”.

In statements to the press when asked to comment on the rating action, Christodoulides said that the upgrade “is an important development” and gave credit to the previous government for all the work that has been done to lead to this positive result.

“Fiscal discipline is necessary; a strong and reliable economy will allow us to have a targeted social policy,” he said, while pledging that the Government will continue on the same path.

The President was also pleased that the majority of the House of Representatives voted against the opposition’s effort to extend the moratorium on property foreclosures last Thursday, telling reporters that the government was in contact with the EU regarding the rent to mortgage payment scheme. “I hope in March we will have the EU’s approval for the scheme so that we can proceed,” President Christodoulides noted.

(Source: CNA)

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