At a staff meeting convened by the Finance Minister on Friday morning, developments in the European and international economy following the implementation of President Trump’s announcements were discussed and examined, according to the same update, where, after reviewing all the data so far and possible future developments, the Finance Minister instructed for continued monitoring and vigilance.
“There are explicit instructions from Finance Minister Makis Keravnos for constant updates and planning wherever necessary,” according to the update.
“While Cyprus is not expected to be directly affected, there is concern that negative developments in the European and international economy” from Trump’s announcements “could affect even in the long term an open and small economy like Cyprus,” it is added.
It is nevertheless noted that the Ministry of Finance “firmly maintains the position that the right attitude in the face of developments is the continued implementation of a correct and rational economic policy based on fiscal discipline that will enhance the competitiveness of the Cypriot economy and continue the steady upward trend that the economy has shown in recent years, with the most characteristic evidence being its continuous upgrades by international rating agencies in international markets”.
In addition, the Ministry of Finance said that the whole issue will be discussed in the European institutions, where decisions will be taken collectively on how the European Union will deal with the whole issue.
“The Ministry of Finance, applying proactive action, has prepared a report on the issue since January, which foresaw developments long before Trump’s announcements yesterday,” it is stated.
According to the same update, Cyprus, as a member state of the European Union, will take all the necessary measures to be decided in the European institutions to address the challenges that will arise.