Georgiades: We Stick To Our Own Estimates for 2017 Budget

20:49 - 17 Νοεμβρίου 2016

  

Cypriot Finance Minister Harris Georgiades said that Nicosia notes the European Commission`s warnings on the Draft Budgetary Plan for 2017, pointing out however that the country maintains its own estimates for the structural deficit and considers that additional measures will undermine the growth prospects of the economy, Cyprus News Agency reports.

"We note carefully the Commission`s warnings (and) we reiterate our commitment to continued prudent management of public finances", he said in a statement to CNA. Georgiades, however added that "we stick to our own estimates, based on actual data and economic performance. "

Noting that Cyprus has oversubscribed targets, the Finance Ministry underlined that "additional measures would be not only unnecessary but also counterproductive because it would undermine the growth prospects".

The European Commission, which under the Stability and Growth Pact, completed the examination of Draft Budgetary Plans for 2017 of member-states of the eurozone, highlited the risk of non-compliance with the budgetary targets set from Cyprus in 2017 and called for measures to correct the deviation.

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