Cyprus President, Nikos Christodoulides, welcomed on Saturday the country’s double upgrade by Moody’s ratings, describing it as “a vote of confidence” in the Government’s policies and the country’s economy.

In a written statement, the President said that this development was as “of exceptional importance”.

“I feel proud of the steady upward trajectory of the Cypriot economy, whose growth rates are among the highest in the EU”, he said, noting that for the first time, after 13 years, the country is rated at level A by Moody’s.

The responsible fiscal policy, the stability of the financial sector and the continuous reforms “which are at the core of our policies, are bringing positive results,” he added. “Today’s great success is the result of a collective effort and primarily of the Cypriot people,” he noted.

According to President Christodoulides, the new upgrade paves the way for significant prospects, while also strengthening the attraction of quality investments that contribute to the creation of new jobs, as well as to the government’s effort to establish Cyprus as a reliable and quality investment destination.

At the same time, he concluded, the current development prescribes more dynamic economic growth, strengthening competitiveness, as well as the continuation and strengthening of targeted social measures and actions with the sole aim of improving the everyday life of Cypriot citizens.