The growth of the Cypriot economy must be passed on to society, through an increase in disposable income and greater investment in health, education, housing, and the welfare state, emphasized President of the Republic Nicos Christodoulides, on the occasion of the latest upgrade of the Cypriot economy by an international rating agency.
Speaking in Menoiko, the President described the new upgrade as significant, noting that it constitutes “a confirmation of our responsible policies and the way we manage public finances.”
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
However, he noted that for the government, improved economic performance is valuable only to the extent that it translates into benefits for citizens.
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“For us, growth must trickle down to society; there must be an increase in disposable income so that we can invest in health, education, housing, and the welfare state,” he said.
The President linked the country’s fiscal situation to the ability to implement policies that boost citizens’ incomes, citing tax reform and pension reform, which, he said, “will significantly benefit our retirees.”
“For us, real growth means that the benefits are passed on to society, to families, to the middle class, and to all citizens,” he emphasized.
€3.5 billion in projects over the next seven years
At the same time, the President referred to plans for utilizing European funds for the 2028–2034 period, noting that the goal is to reach a political decision by the end of 2026 regarding the various European funds, starting with the Cohesion Fund.
As he said, Cyprus is set to receive more than €2.5 billion from the Cohesion Fund, and together with national contributions, the total amount for projects over the next seven years amounts to approximately €3.5 billion.
“Over the next seven years, projects worth 3.5 billion euros will be implemented,” he said, adding that the Council of Ministers must have decided on the projects by September 2027 at the latest, so that the European Union can be notified accordingly.
The President called on the communities to move forward promptly with the development of the projects so that they are ready to make use of the available resources.
As he noted, the projects will contribute to the revitalization of communities and cities, with the ultimate goal of “improving citizens’ daily lives.”
Source: KYPE
