Cyprus President Nicos Anastasiades said on Sunday that despite the fact that the country’s economy is recovering, there are still problems which need to be addressed, assuring that his government will do its utmost for the implementation of projects suspended due to the financial crisis.
“We are at the stage of recovery, certainly we still have problems and we still have some way to go, but I want to assure you that we will do everything possible, in order to soon announce or see how we can implement some of the projects suspended due to to the financial crisis,” the President said, speaking during the inauguration of a local project in Kato Polemidia Municipality, in Limassol.
“Every time we inaugurate a development project, we provide our country another tool to address the economic recession we are experiencing. Promoting development and infrastructure is the primary goal of every government, but also a fundamental precondition for restarting the economy,” the President noted, adding that “this is the intention of the government, to the extent the country’s economy allows us to do so.”
He expressed optimism that gradually the government will overcome all the problems it had to face after assuming office, as a result of the economic crisis.
Cyprus on March 2013 concluded a €10 billion bailout with the European Commission, the European Central Bank and the IMF, collectively known as the Troika, to avert the collapse of its banking sector and cover its refinancing needs.
Last Tuesday Cyprus proceed to a bond issue of €1 billion, the second bond issue since its exclusion from the international capital markets in May 2011