20/11/2002 10:45
For the emergency plan to preempt negative consequences of a possible war in Iraq
“Ministry’s estimates have been proved right…”
The Ministry of Finance has expressed its discontent over the statements of the CB Governor, Christodoulos Christodoulou, concerning the situation of the Cyprus economy. According to ‘SW’ information, the Ministry regards the remarks of Mr. Christodoulou over the emergency plan as “offensive”.
“The Ministry’s discontent is fairly apparent. We have always been well aware of what Mr. Christodoulou said yesterday, and we have already taken all proper measures for a successful program of fiscal restructuring”. The Ministry said.
“The Ministry of Finance is aware of the dangers that will arise from a possible American intervention in Iraq and the constant global recession. I, personally, had proceeded to an analysis of these data before the Parliament”, the Finance Minister said yesterday.
Then, according to ‘SW’ information, Mr. Klerides is annoyed by CB’s constant negative estimates for the development of Cyprus economy. “Ministry’s estimates have proved right, while the program of fiscal restructuring is already in use. Cyprus economy is not to collapse as other suggest”.
It is worth mentioning that the Minister had yesterday expressed his satisfaction for the CB estimates over the economic indices of 2002 and 2003 (inflation to reach 4.5%). “With the exception of a few differences (Ministry estimated that inflation for 2003 is to reach 4%), Ministry’s revised estimates are in accordance with the CB estimates”, Mr. Klerides said.
“Despite the effects on the prices due to the rate increase of VAT, inflation did not exceed 3%, while structural inflation for the period between January and October 2002 was no more than 2%. Then, according to government’s pre-accession program approved by the EU, public debt is expected to fall, while government’s main aim is to wipe off fiscal deficit by 2005”, the Ministry noted.
Moreover the Minister noted that the program of fiscal restructuring has been successful so far, while as far as the external environment effects to the development of Cyprus economy are concerned, he pointed out that government has managed to cope with the difficulties, reporting satisfactory results that coincide with the Ministry’s estimates. This was also ascertained by the IMF on its recent visit to Cyprus.
Finally, the Ministry agrees with the Central Bank estimates and stresses that it has taken all necessary measures so that Cyprus economy is ready to confront all challenges.
“Ministry’s estimates have been proved right…”
The Ministry of Finance has expressed its discontent over the statements of the CB Governor, Christodoulos Christodoulou, concerning the situation of the Cyprus economy. According to ‘SW’ information, the Ministry regards the remarks of Mr. Christodoulou over the emergency plan as “offensive”.
“The Ministry’s discontent is fairly apparent. We have always been well aware of what Mr. Christodoulou said yesterday, and we have already taken all proper measures for a successful program of fiscal restructuring”. The Ministry said.
“The Ministry of Finance is aware of the dangers that will arise from a possible American intervention in Iraq and the constant global recession. I, personally, had proceeded to an analysis of these data before the Parliament”, the Finance Minister said yesterday.
Then, according to ‘SW’ information, Mr. Klerides is annoyed by CB’s constant negative estimates for the development of Cyprus economy. “Ministry’s estimates have proved right, while the program of fiscal restructuring is already in use. Cyprus economy is not to collapse as other suggest”.
It is worth mentioning that the Minister had yesterday expressed his satisfaction for the CB estimates over the economic indices of 2002 and 2003 (inflation to reach 4.5%). “With the exception of a few differences (Ministry estimated that inflation for 2003 is to reach 4%), Ministry’s revised estimates are in accordance with the CB estimates”, Mr. Klerides said.
“Despite the effects on the prices due to the rate increase of VAT, inflation did not exceed 3%, while structural inflation for the period between January and October 2002 was no more than 2%. Then, according to government’s pre-accession program approved by the EU, public debt is expected to fall, while government’s main aim is to wipe off fiscal deficit by 2005”, the Ministry noted.
Moreover the Minister noted that the program of fiscal restructuring has been successful so far, while as far as the external environment effects to the development of Cyprus economy are concerned, he pointed out that government has managed to cope with the difficulties, reporting satisfactory results that coincide with the Ministry’s estimates. This was also ascertained by the IMF on its recent visit to Cyprus.
Finally, the Ministry agrees with the Central Bank estimates and stresses that it has taken all necessary measures so that Cyprus economy is ready to confront all challenges.
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