The Government, acting in concert with the Central Bank, coordinate its efforts to reach the best possible solution regarding the challenges the banking sector is facing, President Nicos Anastasiades has said.
Addressing on Monday the Annual General Meeting of the Cyprus Employers and Industrialists Federation (OEB), the President said that the right legal framework to address non-performing loans needs to be in place by the end of the year. He also said that the legal framework for insolvency procedures must be found as well.
In his speech, the President assured that the Government will continue to closely monitor developments and is ready to take additional measures.
“There are no magic solutions and these efforts are not going to be easy,” he pointed out, calling on everyone to show a constructive stance, unity and consensus, cooperation and coordination in order for the economy to return to growth.
The President referred to the recent assessment by the Troika, noting that the lenders have noted the progress in various sectors and therefore Cyprus’ economy is gaining credibility.
He added that economic restructuring combined with opportunities that arise in sectors such as energy, shipping, tourism, services and renewable sources will soon yield results.
The President referred to the role Cypriot industrialists and entrepreneurs play, stressing that their adjustment to the new developments and their adaptability are the main elements on the road to addressing the many economic challenges resulting from the crisis.
He highlighted the many benefits from the recent agreement with the European Bank of Reconstruction and Development (EBRD) saying that many opportunities will arise.
Furthermore, he referred to the privatization process the Government is following as well as the efforts to reform the pubic sector and the many advantages these efforts will bring for the state and the people.
As regards unemployment, the President stressed that economic recovery and development is the only way to tackle unemployment, adding that already the Government has launched various projects for job creation and decrease of the unemployment rate.
In his speech the President noted that positive results in the tourist sector are the key towards economic growth, adding however that developments in the Ukrainian crisis play a decisive role.
He pointed out that energy developments and turning Cyprus into an energy hub in the Eastern Mediterranean through strategic alliances with neighboring countries can also help Cyprus exit the crisis.
Cyprus required a 10-billion-euro bailout from international lenders in March 2013 and is following a three-year economic adjustment programme.
