Cyprus revised convergence plan on Dec 1

Minister of Finance Michalis Sarris has said that all financial data indicate that Cyprus will fulfill the Maastricht criteria for accession in the Eurozone on January 1st 2008. According to Sarris, the Cypriot economy’s course is described as very positive as regards the macroeconomic stability, the fiscal policy, the rapid development rates and the continuing expansion of the social state.
He said that the state budgets for 2006 and 2007 provide for a significant increase of social benefits.
The Minister was replying to questions by the press after a meeting on the revised convergence plan for 2006 – 2010 with the participation of the Advisory Financial Committee, the Minister of Labour and Social Insurance Antonis Vassiliou, the Governor of the Central Bank of Cyprus Christodoulos Christodoulou, and representatives of all parliamentary parties and social partners.
The government’s revised convergence plan will be submitted to the EU on December 1, 2006.