Finance Minister Makis Keravnos assured on Wednesday of the government's commitment to finding lasting solutions to the country’s social challenges, emphasizing an inclusive approach that takes into account the views of the public and of the political parties.

Speaking at AKEL’s Economic Forum, titled “Strong Economy for All: Sustainable and Socially-Oriented,” he underscored the Government's focus on a balanced, people-centered, and fiscally prudent economic policy.

Keravnos noted that, as of 2023, 13.9% of Cyprus’s population was at risk of poverty—one of the lowest rates in the European Union.

“There is no room for complacency. Our goal is to maintain the positive indicators of our economy so that we can continue implementing targeted social policies,” he said.

He stressed the importance of expanding Cyprus’ economic model, aiming for diversified growth from emerging sectors while revitalizing traditional ones, such as agriculture and livestock, through modern methods and a focus on export potential.

In the coming months, as he said, the government will prioritize policies to foster joint investments between Cypriot and foreign investors, particularly in projects that develop infrastructure, create productive sectors, and generate quality jobs with an export orientation.

At the same time, Keravnos highlighted the need to strengthen traditional economic sectors with significant contributions to GDP, such as tourism, shipping, retail, and professional services, to further enhance their competitiveness.

He also said that since the beginning of its term, the government was implementing significant social policies. He acknowledged that permanent solutions were difficult amid EU obligations, which the country has to meet, and in the context of rapidly evolving geopolitical challenges and military confrontations, but said that burdening future generations with added debt and austerity is not an option.

“As a full member of the European Union, we have no choice but to implement prudent, cautious, and balanced economic policies to ensure financial stability and viability on an island that has been divided by military occupation and under constant threat for 50 years,” he said.

He underscored the need for economic policies with a social focus, particularly in small, open economies like Cyprus, which are susceptible to global challenges.

“Our government’s economic policy is people-centered, with a commitment to vulnerable groups, the middle class, and future generations. We cannot impose additional debts and austerity measures on them,” he said.