Cyprus News Agency: News in English, 11-02-15

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] COMMERCE MINISTER NOBLE ENERGY MEETING

[02] CYPRUS ECONOMY IMF FIGURES

[03] GREEK FM STATEMENTS

[04] ECOFIN - CYPRUS - FISCAL ADJUSTMENT PROGRAMME

[01] COMMERCE MINISTER NOBLE ENERGY MEETING

Speaking after a meeting with Noble Energy representatives and the leadership of the Cyprus Energy Regulatory Authority, Paschalides said that the intention of Noble Energy was to begin extraction as soon as possible, and assured that ``all measures will be taken to make sure this happens.``

There is a possibility that this may happen before the end of this year, but for some reasons, it may begin in early 2012, he added.

``We look forward to further cooperation with Noble Energy for the extraction of natural gas from plot 12,`` Paschalides said.

Referring to the meeting, he said it was ``very substantive`` and that all questions Cyprus had were answered.

``Of course everything will be evaluated and we are optimistic about the future course and the cooperation, concerning plot 12,`` he added.

Referring to Wednesday`s meeting between President of the Republic Demetris Christofias and the representatives of Noble Energy, Paschalides said that the President ``wanted to hear some figures from the experts themselves, as well as their plans for the area and for plot 12.``

Noble Energy Director of Easter Mediterranean Operations Chris Kendall said the plans of the company were presented during the meeting and noted that the company wanted to begin extracting natural gas the soonest possible, before the end of the year or the beginning of next.

[02] CYPRUS ECONOMY IMF FIGURES

IMF new estimates are slightly higher than the 2010 forecasts projecting a 1.5% to 1.8% growth for 2011. The Cypriot Finance Ministry projects economic growth of 1.5% GDP for 2011, whereas European Commission forecasts project a 1.8% growth rate for 2011.

``We see a gradual economic recovery is underway and expect growth to be in a range of 1.5% to 2.0% this year,`` head of the IMF delegation Wes McGrew said, presenting the IMF`s preliminary conclusions, after a series of contacts with Central Bank officials and bankers in Cyprus, pointing out that there are risks to recovery mainly from the sovereign debt crisis in the EU and the uncertainty in the European financial markets.

In terms of economic policy, McGrew said that ``the foremost challenge is to reduce the high fiscal deficits of the past two years and to restore public debt ratios to a declining trend.``

``This is important for various reasons. Sound public finances are necessary to continue to be successful to being a financial centre and an international business sector and these we believe are key areas for growth in Cyprus for the medium term``, he added.

Over the medium term, McGrew said Cyprus faces pressures on expenditures because of rising pensions payments both in the civil service and the social security fund and will need to meet this by reducing expenditures elsewhere as well as by reforms in the pension systems and so this process really should start now.

He also said that ``swift movement is important`` concerning the implementation of Cyprus` fiscal consolidation plan.

[03] GREEK FM STATEMENTS

Speaking to reporters after meeting his Cypriot counterpart Marcos Kyprianou in Nicosia, Droutsas said that President Christofias has shown a very constructive and positive stance, he has put forward a set of very good proposals and unfortunately the Turkish Cypriot leader has not shown the same will.

He also said that we want to be clear about the basis of the negotiations and continue in this framework.

Droutsas urged Ankara to do her part regarding the Cyprus problem, to show that she has good will to solve the problem and that what she declares is not yet another communication trick on her behalf.

Droutsas and Kyprianou also discussed developments in Egypt, with the Greek FM stating that we examined possible initiatives we could undertake in the framework of the EU.

On his part, Kyprianou said that the meeting was useful and constructive and we had the chance to focus on future developments that will be of interest to the two countries.

[04] ECOFIN - CYPRUS - FISCAL ADJUSTMENT PROGRAMME

The Council said that Cyprus has taken all necessary measures within the deadlines set out by ECOFIN to achieve fiscal adjustment by 2012.

The Council shares the view of the Commission that on the basis of current information, Cyprus has undertaken action representing adequate progress in correcting its excessive deficit within the timeframe set by the Council.

For this reason, no further steps under the EUs excessive deficit procedure are required at present, the Council noted.

According to the Council, Bulgaria, Denmark, Cyprus and Finland have been subject to excessive deficit procedures since July 2010, when the Council issued its recommendations.

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