Cypriot Finance Minister, Makis Keravnos, has pointed out the government’s commitment to continuous, responsible economic intervention, in order to build confidence in the Cypriot economy, sustain growth, and achieve a steady reduction in public debt.

Keravnos was commenting on the upgrade in Cyprus’ credit rating as Scope Ratings elevated the country’s status to “A-” with a Stable Outlook. He noted that this marks the first time since 2011 that Cyprus has entered the “A” rating tier, reflecting positive financial conditions and economic stability.

“The government will continue to engage in responsible and structured economic policies to improve trust in the Cypriot economy, foster sustained growth, and ensure an uninterrupted reduction in public debt,” Keravnos said.

He also noted that, according to Scope Ratings, the Stable Outlook reflects favorable fiscal prospects, declining public debt, and Cyprus’s strong economic fundamentals.

The Minister said that the upgrade was driven by the country’s strong fiscal outlook, robust economic growth and reduced financial system risks.