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Cyprus News Agency: News in English, 12-11-30

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Memorandum handed to Parliamentary Parties

  • [01] Memorandum handed to Parliamentary Parties

    The Memorandum of Understanding on Specific Economic Policy Conditionality has been handed to the parliamentary parties.

    A copy of the memorandum obtained by CNA says that the key objectives are to put "public finances on a sustainable path is of overriding importance in order to stabilise the economy and to restore the confidence of companies, citizens and foreign investors in the longer-term prospects of Cyprus as an economically-advanced and investor-friendly economy."

    In this context, the objectives are: (1) to continue the on-going process of fiscal consolidation in order to achieve a 4% of GDP primary balance in 2016 and maintain at least such a level thereafter; (2) to correct the excessive general government deficit as soon as possible; (3) to this end, to take fiscal measures totaling 7¼% of GDP during 2012-16 as follows: 2012-13: 3% of GDP; 2014: 1¾% of GDP; 2015: 1½% of GDP; and 2016: 1% of GDP.

    The full text of the Memorandum (click the link)

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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