Τhe Institute of Certified Public Accountants of Cyprus tabled ten proposals for further shielding of economy and meeting the challenges that the pandemic brought about.

In a speech addressing Thursday the 60th General Assembly of the Institute, its president Demetris Vakis said that the pandemic has affected the viability of companies and pushed societies to adopt new mentalities in order to deal with the challenges, adding that Cyprus, a small and vulnerable country to external influences, cannot remain untouched. He also said that being an EU member state Cyprus is vulnerable to European and global developments.

For this reason, he pointed out, it is imperative that we proceed in a structured plan to further shield our economy, adding that close cooperation between the Government, the Parliament and the private sector is needed to accelerate the reform program with strict adherence to fiscal discipline so that there is no further divergence in fiscal indicators.

Vakis also analyzed the 4 pillar strategy of the Institute which includes better governance procedures. He furthermore said that despite the problems the Institute remains optimistic about the course of the economy in 2021 and 2022.

House Speaker and Ministers of Finance and Energy also addressed the Assembly.

House Speaker Annita Demetriou said that the contribution and cooperation of the Institute with the government and the parliament is crucial, in order for the country to benefit the most from the Recovery and Resilience Fund.

Minister of Finance Constantinos Petrides referred to the role of the Institute during the pandemic and added that the performance of Cyprus in terms of the economic impact of the pandemic is compared very favourably in relation to most European countries, but also the European average.