Constantinos Petrides, Cyprus' Finance Minister vowed on Saturday to continue supporting the economy in a responsible and targeted manner amidst external challenges such as the Covid-19 pandemic, the war in Ukraine and inflationary pressures.
His comments came after rating agency Standard and Poor’s upgraded Cyprus’ sovereign rating by one notch to BBB late Friday.
In a statement, Petrides said the government will continue supporting economic activity in view of the challenges it faces (Covid pandemic, continuation of the war in Ukraine and inflationary pressures) "in a responsible manner, both concerning growth and employment as well the public finances.”
“In order to achieve this aim,” he added, “the government supports the Cypriot economy and the society, in a targeted and flexible manner and by promoting the appropriate plans which would allow the maximum possible utilisation of the available European programme and funds and especially financing through the Recovery and Resilience Plan.”
In his remarks, the Finance Minister also cited the comments made by the agency over Cyprus’ resilience in external shocks, its expectation that solid economic performance will continue despite the effects of the war in Ukraine, as well as S&P's revised forecast for a 4.5% growth this year.