Fitch ratings’ upgrade of the Cyprus economy is an acknowledgement of the positive course of the country and a vote of confidence in the responsible policies of the government, President Nikos Christodoulides said in a post on X.

He spoke of responsible policies for a competitive and resilient economy aimed at improving the daily lives of the citizens.

Posting on X the Ministry of Finance points out that this is the second consecutive upgrade of the economy, following the double upgrade by Moody's.

It refers to the key assessment factors cited by Fitch for Cyprus' upgrade, such as the rapid reduction of public debt, strong fiscal surpluses, limited fiscal risks and strong growth momentum.

Moreover Finance Minister Makis Keravnos in a written statement expressed his satisfaction for the development. The upgrade, he said, clearly shows confidence in the government’s economic policy.

He said that the upgrade follows continuous and successive upgrades of Cyprus that are based on the results and prospects of the economy and "clearly shows the confidence that international rating agencies show in the economic policy followed by the government."

Keravnos also said that the upgrade leads to the necessary conditions of trust and stability for attracting foreign investments, enhancing growth, strengthening competitiveness and creating new jobs.

He pledges that the government will continue to implement sound economic policies based on fiscal discipline, that allow for social policy that supports and relieves vulnerable groups.