Last week, EXANTE’s Communication Director Patrick O’Brien met with Minister of Foreign Affairs of the Cypriot Republic, Ioannis Kasoulides, and Cypriot Finance Minister, Harris Georgiades, at The Presidential Palace in Cyprus to discuss the strong ties between Malta and Cyprus as its nation heralds a new economic dawn.
Like Malta, Cyprus relies heavily on the financial services sector. Just four years after a 10 billion euro bailout the country is back in business, with expectations that its economy is to grow between 2.5 percent and 3 percent this year with renewed confidence in the banking sector helping further this growth.
Both Ministers said authorities are confident the economy is on an upward trajectory despite risks, adding it’s in the hands of Cypriots to avoid past mistakes that brought Cyprus to the brink of financial ruin.
Noting that the economy in 2018 will outperform the targets, Georgiades said however that «one needs to be more cautious in the medium term», due to downside risks. He noted that high public debt leaves little room to the government to proceed with more growth-friendly actions, such as a tax reforms.
The Finance Minister pointed out that economic recovery in Cyprus took place on the backdrop of a favourable external environment such as high tourist sector performance due to regional volatility and an accommodating monetary policy by the ECB, while he described a possible solution to the Cyprus problem as a «step into the unknown». This March delegations from Cyprus will visit Malta to meet with their Maltese counterparts to discuss the current political climate in the EU.
For more details on the visit, please vitis Finance Malta.