Cyprus News Agency: News in English (PM), 98-04-28

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Finance Minister receives IMF delegation

[02] President decorates Vorvolakos

[03] Cyprus Stock Exchange

[04] Britain on fugitive T/C tycoon

[05] Kranidiotis and Cem meet in Paris

[06] Rise in tourism expected

1450:CYPPRESS:01

[01] Finance Minister receives IMF delegation

Finance Minister Christodoulos Christodoulou received today the delegation. The meeting was also attended by Central Bank Governor, Afxentis Afxentiou.

Speaking after the meeting, Christodoulou said the present IMF mission was not scheduled in view of Cyprus' European Union (EU) course, clarifying that it is part of the IMF annual visits.

The delegation's assessment and findings however, affect the image of the island's economy and consequently its EU course, Christodoulou pointed out.

Asked whether he expects a favourable assessment, Finance Minister said the IMF delegations always identify economic sectors for which they propose changes and submit relevant suggestions.

"No economy is perfect and therefore in every country some changes are needed," he added, noting the IMF is a reliable and respected international organisation.

Asked if the members of the delegation had expressed their views on the liberalisation of Cyprus' financial system, Christodoulou said the economic policy recommended by the IMF is almost similar to that adopted by the EU.

Answering a question on EU financial aid to Cyprus similar to that granted to other countries seeking EU membership, he pointed out the government has already raised the issue with EU officials.

Christodoulou explained that initially Cyprus was excluded from the group of candidate-states eligible for EU financial aid, because of its relatively good economic performance.

Cyprus along with five other states began accession talks with the EU last month.

CNA MK/GG/GP/1998

ENDS, CYPRUS NEWS AGENCY

1730:CYPPRESS:02

[02] President decorates Vorvolakos

Speaking during a ceremony in honour of outgoing National Guard commander, Lieutenant General Nicolaos Vorvolakos, President Clerides also described a defence pact between Cyprus and Greece as the greatest achievement in defence matters.

He pointed out that the joint defence pact with Greece, agreed with the Cyprus government in November 1993, has drawn greater international attention to the Cyprus problem and efforts for its resolution.

The outgoing National Guard chief was decorated by President Clerides with the Order of Merit of the Cyprus Republic for his valuable services to the Hellenism of Cyprus.

Earlier today Vorvolakos was also received by President of the House of Representatives, Spyros Kyprianou.

Vorvolakos was last Saturday replaced by Lieutenant General Demetrios Demou.

CNA MCH/AP/1998

ENDS, CYPRUS NEWS AGENCY

1800:CYPPRESS:03

[03] Cyprus Stock Exchange

CSE All Share Index                    93.90 (-0,33)

Sectural Indices

Banks                                 109.36 ( 0,50)
Approved Investment Companies          68,25 ( 0,75)
Insurance Companies                    67,86 (-2,58)
Industrial Companies                   82,80 (-2,25)
Tourist Industries                     75,36 (-0,29)
Commercial Companies                   56,14 (-2,87)
Other Companies                        79,14 (-1,43)

Trading Volume                         2.453.058

CNA AP/1998

ENDS, CYPRUS NEWS AGENCY

1830:CYPPRESS:04

[04] Britain on fugitive T/C tycoon

Commenting on reports in British and Turkish newspapers that Nadir will return to Britain as a member of the Turkish diplomatic delegation, diplomatic sources in Nicosia told CNA "this ploy will not be very plausible".

They explained that holders of Turkish diplomatic passports still need to apply for visas and pointed out that diplomatic immunity is a question of agreement between the two interested countries, in this case Britain and Turkey.

"Britain and Turkey have to decide who are accredited diplomats in the United Kingdom", the sources said, adding that it is not likely that Asil Nadir will be accepted.

Nadir jumped bail and fled Britain in May 1993 to the Turkish-occupied northern part of Cyprus to avoid a trial in British Courts for fraud, after the collapse of his London-based fruits-to-electronics company Polly Peck.

The internationally-recognised government of Cyprus has been prevented from exercising its jurisdiction in the northern part of the island since the 1974 Turkish invasion.

CNA MCH/GP/1998

ENDS, CYPRUS NEWS AGENCY

1930:CYPPRESS:05

[05] Kranidiotis and Cem meet in Paris

Paris, Apr 28 (CNA) -- There is no change in Ankara's stance concerning the Cyprus problem, Turkish Foreign Minister, Ismail Cem, told Greek Foreign Undersecretary, Yiannos Kranidiotis.

Sources told CNA, Cem denied a change in the Turkish stance during a meeting on the sidelines of the Organisation for Economic Cooperation and Development.

Meanwhile, Kranidiotis said he expressed his government's concern over Ankara's policy on Cyprus but pointed put that they did not discuss the issue in depth.

According to the same sources, Kranidiotis told Cem, "Turkey's hard line (over Cyprus) leaves no room for the resumption of bicommunal talks."

The Greek official stressed the Turkish side "should make clear whether it wishes for a federal solution to the Cyprus problem."

According to the sources, Cem told Kranidiotis the proposal for a meeting either in Ankara or in Athens to discuss Greco-Turkish relations still stands.

Reuters quoted yesterday Turkish Foreign Ministry spokesman Sermet Atacanli as saying that recognition of the breakaway state in the Turkish- occupied part of Cyprus should not be considered as a precondition for talks between the two communities in Cyprus.

At the same time, the Turkish official said "the existence of two separate, sovereign entities on the island must be accepted if there is to be a solution."

The United Nations has branded the secessionist state as "legally invalid" and called on all states not to recognise or facilitate it. Only Turkey has recognised it.

Turkish troops have been occupying 37 per cent of Cyprus territory since 1974, in violation of repeated UN resolutions calling for their withdrawal.

The Turkish side has so far failed to enter into serious negotiations for a solution to this protracted problem.

CNA CI/MCH/GP/1998

ENDS, CYPRUS NEWS AGENCY

2040:CYPPRESS:06

[06] Rise in tourism expected

Speaking at the annual General Meeting of the Cyprus Hoteliers Association, Rolandis stressed his determination to upgrade the island's tourist product.

Rolandis cited a twelve-point plan which his ministry intends to implement within the next four or five years.

The construction of golf courts, football grounds, marinas, theme parks and casinos and the incorporation of Cyprus' culture in the island's tourist product are included in Rolandis' plan.

Referring to potential new tourist markets, the Minister responsible for tourism said the US and Japan will be his ministry's targets.

Rolandis pointed to the new challenges faced by the Cyprus tourism industry and stressed the need to curb the costs of hotel units and apply programmes increasing productivity in the industry.

Tourism is Cyprus' largest money earner contributing 20 per cent of the island's GDP.

More than two million holiday-makers yearly visit the island, the population of which is only 0,73 million.

CNA GG/AP/1998

ENDS, CYPRUS NEWS AGENCY

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