Constantinos Petrides

Cyprus' Finance Ministry fended off accusations fired by the opposition that government policy has taken its toll on the economy.

"The Cypriot economy continues its upward trend and, unlike other European countries which are entering a recession, Cyprus recorded the second highest GDP growth rate in the eurozone, after Spain, during the first half of the year," the ministry said.

Cyprus has frozen about 1.5 billion euros ($1.6 billion) in Russian-linked deposits and assets in accordance with European Union sanctions over the war in Ukraine, the island nation's finance minister said Thursday.

Cyprus' economy is expected to rebound by 4.5% of gross domestic product this year following a pandemic-induced contraction of around 5.5% in 2020, the country's finance minister said Thursday.

Finance Minister Constantinos Petrides told an investment conference that the growth estimate comes attached with a "great level of uncertainty" because of how the pandemic may evolve.

Finance Minister Constantinos Petrides is confident the tourism industry in the Republic of Cyprus won't have a catastrophic year following the pandemic, while calling on Europe to step up its recovery plan equally across the board.

The Cyprus government announced an 'improved plan B' with a major input from the European Investment Bank to rescue the economy hurt by the coronavirus pandemic with loans worth €1.7 bln, as well as subsidies of interest rates for business and housing loans, after it failed to pass a smaller loans-guarantee scheme through parliament which would have required greater transparency.

Cyprus is the first country in the eurozone to announce that it plans to make use of the cheap, long-term credit lines that will be made available by the Pandemic Crisis Support fund of the European Stability Mechanism (ESM).

Cyprus' cabinet on Wednesday approved the island's lockdown exit strategy, which foresees the resumption of the operation of vital sectors of the economy in early May.

Speaking after the cabinet meeting, Finance Minister Constantinos Petrides said the exit plan consists of three stages, which extend until the end of 2021.

The Republic of Cyprus raised 1.75 billion euros on the bond markets on Tuesday, with the government feeling satisfied with the process.
"I wish to express my satisfaction with the completion of the issue of two bonds, a seven-year one of 1.25 billion euros and a 30-year one of 0.5 billion euros," the island's Finance Minister Constantinos Petrides said.

Cyprus has paid off ahead of schedule an International Monetary Fund loan that was part of a multi-billion euro financial rescue deal in 2013, the finance minister said Tuesday.

Minister Constantinos Petrides said the loan's early repayment would bolster the country's credibility in the eyes of investors and improve its ability to raise money directly from international markets.

Cyprus said on Wednesday that it had started a process to strip 26 individuals of citizenship they received under a secretive passports-for-investment scheme, admitting it had flaws.