Cyprus’ impressive return to the international markets confirms the restoration of the international investment community’s confidence in Cyprus’ economy, Minister of Finance Harris Georgiades has affirmed.
Indeed, following the island’s sale of one billion euros in seven-year bonds on Tuesday, Georgiades revealed that this development will allow the Ministry of Finance to pay off older, costlier and short-term domestic borrowing, which means less expenditure in interest, as well as increased cash flow in the Cypriot market.
“I believe this is a development that confirms the restoration of trust in the Cypriot economy on behalf of the international investment community. It is an important development which shows in the most tangible manner that the assessments of the investors regarding the Cypriot economy are positive,” the Minister expressed.
This, along with other positive recent developments such as the lifting the restrictive capital control measures and the approval of the insolvency framework create prospects for new impetus for the economy’s exit from the recession, he added.
The Government’s primary objective is now “to create the circumstances that would allow the economy to function without dependencies,” the Minister continued, referring to continued funding by the island’s Troika of international lenders.