Xinhua, Nicosia :
Cyprus’ finance minister Harris Georgiades said on Friday that the eastern Mediterranean island would stick to an economic adjustment program until 2018, dismissing a Greek-style standoff with international lenders.
But Georgiades said this did not amount to strictly following an austerity program.
“I would rather say that this is a responsible financial planning within the limits of the economy and not an austerity policy,” Georgiades said.
He confirmed that government planning provided for an increase of public spending by 1.65 percent by 2018.
“This is not a negligible percentage given the fact that GDP is expected to grow by as much then,” Georgiades said.
Cyprus was pulled back from the brink of bankruptcy with a 10-billion-euro (11 billion U.S. dollars) financial assistance package by the Eurogroup and the International Monetary Fund in March, 2003, after being shut out of international markets since 2011.
Cyprus’ finance minister Harris Georgiades said on Friday that the eastern Mediterranean island would stick to an economic adjustment program until 2018, dismissing a Greek-style standoff with international lenders.
But Georgiades said this did not amount to strictly following an austerity program.
“I would rather say that this is a responsible financial planning within the limits of the economy and not an austerity policy,” Georgiades said.
He confirmed that government planning provided for an increase of public spending by 1.65 percent by 2018.
“This is not a negligible percentage given the fact that GDP is expected to grow by as much then,” Georgiades said.
Cyprus was pulled back from the brink of bankruptcy with a 10-billion-euro (11 billion U.S. dollars) financial assistance package by the Eurogroup and the International Monetary Fund in March, 2003, after being shut out of international markets since 2011.
