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Government Will Continue Supporting Economic Activity, FinMin Says
September 7, 2021
The government will continue supporting economic activity so that after the pandemic is over, positive growth rates that existed before will return, Finance Minister Constantinos Petrides said on Saturday.
In a written statement, Petrides refers to the affirmation on Friday by Standard & Poor’s international credit agency of Cyprus’ credit rating from stable to positive, confirming its credit rating of BBB-.
According to the Minister, the S&P notes that its decision to revise its outlook on Cyprus to positive from stable and affirming its `BBB-/A-3` ratings reflects its view that, following the severe shock caused by the pandemic in 2020 and beyond the related near-term uncertainty in 2021, it could upgrade Cyprus within the next 24 months if the country`s economic and budgetary performance continue to strengthen, supported by the government`s implementation of structural reforms.