The upgrading of the Cyprus economy to the investment grade is a development that enhances public finances, given that it reduces the cost of borrowing for the state and saves resources from the state budget.

However, of more importance is how these resources will be utilized and how society itself will benefit from the government’s economic policy. The government’s policy so far shows that instead of making use of the opportunities to the benefit of the many, it is seeking to serve the interests of the privileged few.

It is obvious that the Anastasiades-DISY Government underestimates society.

While it is celebrating about the fall in unemployment, it is indifferent to the conditions and wages prevailing in the labour market.

While it is rejoicing about the criminal solutions that it has imposed on the Co-operative Bank and the banking sector, it remains indifferent to the fact that households will continue to struggle to make ends meet and cope with their loans.

While it is greeting the growth in GDP, it is not at all interested in who actually benefits from this growth. It relies on arrogance and arbitrariness to impose its decisions and policies, disregarding their impact on society.

AKEL will oppose and combat this philosophy. It will continue to struggle to improve the standard of living for working people, for dignified working conditions, for universal health, education and social protection.

AKEL on the upgrading of the Cyprus economy

Statement by the Head of the Economic Research Bureau of AKEL Charis Polycarpou

AKEL C.C. Press Office, 17 September 2018, Nicosia