11/04/2005 08:11
The improvement in the state finances is attributable to the overestimated deficits, EVRODI Chairman, Prodromos Prodromou stated on Monday. In his interview to StockWatch, Mr. Prodromou said that the government had overestimated the deficits and had not incorporated certain extraordinary favourable factors.
Mr. Prodromou also stressed that the “freezing” of the structure of the state expenditure - due to the restrictive provisions of the Stability and Growth Pact – will affect the course of the Cyprus’ entry in the EMU. “Despite the government’s difficulty, however, in adopting the measures within the framework of the Convergence Program, the course of convergence has been successful so far”.
Mr. Prodromou did not approve the ongoing dependence of the fiscals on certain types of amnesty, stressing that this situation should not drag on.
On the deficit of £9.2 million in EAC’s Provident Fund and the mismanagement of its portfolio by Suphire, EVRODI Chairman reiterated that the portfolios of provident funds or the Social Securities Fund revenues should be managed by special companies or groups of experts.
Mr. Prodromou also stressed that the “freezing” of the structure of the state expenditure - due to the restrictive provisions of the Stability and Growth Pact – will affect the course of the Cyprus’ entry in the EMU. “Despite the government’s difficulty, however, in adopting the measures within the framework of the Convergence Program, the course of convergence has been successful so far”.
Mr. Prodromou did not approve the ongoing dependence of the fiscals on certain types of amnesty, stressing that this situation should not drag on.
On the deficit of £9.2 million in EAC’s Provident Fund and the mismanagement of its portfolio by Suphire, EVRODI Chairman reiterated that the portfolios of provident funds or the Social Securities Fund revenues should be managed by special companies or groups of experts.
Related Articles
