President of the Republic Nikos Christodoulides described the upgrade of the Republic of Cyprus’ credit rating from “A-” to “A” by Standard & Poor’s, while maintaining a positive outlook, as a strong vote of confidence in the resilience and prospects of the Cypriot economy.
In a recorded message on Saturday, the President said Cyprus had reached another significant economic milestone, returning to the “A” rating category for the first time since 2011.
“This is undoubtedly a strong vote of confidence in our economy, in its resilience and prospects. A strong vote of confidence in our economic responsibility, high growth rates, historically low unemployment and the significant reduction in public debt,” Christodoulides said.
“And all of these are not simply indicators. They have real significance and impact. In practice, a stronger economy means more and better-paid jobs. It means more investment and new opportunities. It means greater scope for targeted social policies, for investment in healthcare, education, the welfare state and housing. It means greater job security and improved wages. In practice, it means higher disposable income and an improved quality of life for citizens. Above all, it means that we are building a safer foundation for future generations,” he added.
“With responsible management, steady steps and bold reforms, we are strengthening our country’s credibility and competitiveness. With consistency. With responsibility. With determination, we are changing Cyprus, offering hope and prospects to citizens, families, households, businesses and the Cypriot people as a whole,” the President concluded.
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