The major problems of the economy, the progress in the state's fiscals and in the banking sector and the need to continue the reform program, will be included in today's speech of the Minister of Finance before the plenary of the House, in relation to the state budget for 2016.
Unemployment and non-performing loans are the major problems and simultaneously the major challenges for the government, Harris Georgiades told StockWatch.
These two challenges, the minister said, have reached their peak and despite the progress recorded, they are still a big problem.
From the parliament floor, the Minister of Finance will inform about the important progress that has been registered in almost all fronts of the economy, particularly in public finances.
He will focus on the three issues of public finance, banks and the real economy.
"The goals set for the consolidation of public finances, have been largely achieved," said the minister, supporting his positions with the results of assessments of the economic program by international creditors.
Despite the deterioration of €220 mn noted on the fiscal balance in the first ten months of the year, the ministry hopes that this year's deficit will drop to 0.9% of GDP and that it will decline close to zero in 2016.
The public debt is expected to be reduced by one percentage point in 2015 to 106% and by another one in 2016.
As regards the banking sector, the finance minister will refer to the progress achieved, the full lifting of restrictive measures imposed after the events of March 2013 and the reversal in deposits after nearly three years.
He will stand on the issue of NPLs, which, as he noted, continue to be the major challenge.
"I think that their deceleration has begun and this results from the Central Bank’s data," the minister noted.
The third section Mr. Georgiades will focus on is the real economy, which, according to the minister, faced its worst crisis ever.
The economy records growth for the first time this year since 2011 and is expected to end with a 1.5% growth.
The minister will focus on efforts and measures which are taken and will continue to be taken by the government for the recovery of the real economy, as he said.
As regards the financial assistance program, the finance minister will refer to the goal set for Cyprus to exit the memorandum in early 2016.
He made it clear that "regardless of the completion of the memorandum, reforms in the public sector and elsewhere will continue."
"I will address the parliament and call for its support to continue the effort of reform irrespectively of the economic recovery and the fact that we are no longer in recession," he noted.
Unemployment and non-performing loans are the major problems and simultaneously the major challenges for the government, Harris Georgiades told StockWatch.
These two challenges, the minister said, have reached their peak and despite the progress recorded, they are still a big problem.
From the parliament floor, the Minister of Finance will inform about the important progress that has been registered in almost all fronts of the economy, particularly in public finances.
He will focus on the three issues of public finance, banks and the real economy.
"The goals set for the consolidation of public finances, have been largely achieved," said the minister, supporting his positions with the results of assessments of the economic program by international creditors.
Despite the deterioration of €220 mn noted on the fiscal balance in the first ten months of the year, the ministry hopes that this year's deficit will drop to 0.9% of GDP and that it will decline close to zero in 2016.
The public debt is expected to be reduced by one percentage point in 2015 to 106% and by another one in 2016.
As regards the banking sector, the finance minister will refer to the progress achieved, the full lifting of restrictive measures imposed after the events of March 2013 and the reversal in deposits after nearly three years.
He will stand on the issue of NPLs, which, as he noted, continue to be the major challenge.
"I think that their deceleration has begun and this results from the Central Bank’s data," the minister noted.
The third section Mr. Georgiades will focus on is the real economy, which, according to the minister, faced its worst crisis ever.
The economy records growth for the first time this year since 2011 and is expected to end with a 1.5% growth.
The minister will focus on efforts and measures which are taken and will continue to be taken by the government for the recovery of the real economy, as he said.
As regards the financial assistance program, the finance minister will refer to the goal set for Cyprus to exit the memorandum in early 2016.
He made it clear that "regardless of the completion of the memorandum, reforms in the public sector and elsewhere will continue."
"I will address the parliament and call for its support to continue the effort of reform irrespectively of the economic recovery and the fact that we are no longer in recession," he noted.
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