Anastasiades says government makes enormous efforts for the economy

Anastasiades says government makes enormous efforts for the economy

The government is making enormous efforts to get the country out of its difficult economic position, President Nicos Anastasiades said Saturday addressing the inauguration ceremony of the Visitors Centre of Troodos Geopark (Geological Park).

Anastasiades called on the political parties and civil society to cooperate “to rebuild the country”.

He pointed out that within twenty-six months and after twenty-one months of continuous downgrades of Cyprus` economy by credit rating agencies, with the country being on the verge of disorderly bankruptcy and a collapsed financial system, his government has managed to get Cyprus back on the financial markets from which it was excluded since May 2011.

Anastasiades said he does not overlook the problems that still exist, such as the high unemployment rate, but noted that they have managed to curb it and bring it down from 16.1% to 15.5%.

“We gave incentives, we created conditions by restoring the credibility of the state, by restoring the credibility of the banking system, to attract foreign investments and create jobs to tackle unemployment,” he said.

Our goal is to see the social groceries closing down one after another, said the President, adding that the introduction of the Guaranteed Minimum Income has led to the reduction of the number of citizens that turn to social groceries for help, from fourteen thousand to ten thousand.

Cyprus has been battling an economic slump compounded by the collapse of its financial system two years ago, which saw the country secure a 10 billion euro bailout overseen by the so-called troika – made up of the European Commission, European Central Bank and International Monetary Fund.