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Cyprus News Agency: News in English, 12-11-30
CONTENTS
[01] Memorandum handed to Parliamentary Parties
[01] Memorandum handed to Parliamentary Parties
The Memorandum of Understanding on Specific Economic Policy Conditionality
has been handed to the parliamentary parties.
A copy of the memorandum obtained by CNA says that the key objectives are
to put "public finances on a sustainable path is of overriding importance
in order to stabilise the economy and to restore the confidence of
companies, citizens and foreign investors in the longer-term prospects
of Cyprus as an economically-advanced and investor-friendly economy."
In this context, the objectives are: (1) to continue the on-going process
of fiscal consolidation in order to achieve a 4% of GDP primary balance
in 2016 and maintain at least such a level thereafter; (2) to correct the
excessive general government deficit as soon as possible; (3) to this end,
to take fiscal measures totaling 7¼% of GDP during 2012-16 as follows:
2012-13: 3% of GDP; 2014: 1¾% of GDP; 2015: 1½% of GDP; and 2016: 1%
of GDP.
The full text of the Memorandum (click the link)
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