Cypriot Minister of Finance Charilaos Stavrakis has said that Cyprus must safeguard its banking system and improve public finances to address the dangers and challenges for the economy.

Speaking during a press conference in Limassol, in the framework of the annual meeting of Finance Ministers and Governors of the group of countries represented at the International Monetary Fund and the International Bank by the Netherlands, held in Limassol from May 27 to 29, Stavrakis said Fitch international rating agency is expected to evaluate Cyprus` economy soon.

“Fitch agency has put Cyprus on notice of review for a possible downgrade, so it is a matter of time to have the final evaluation, but there is nothing final so far,“ he said, adding that if Fitch downgrades Cyprus two or three notches, then Cyprus will be in the same position as it is in two other rating agencies.

Referring to the meeting, Stavrakis said that such meetings help the economy and tourism as well as Cyprus` reputation, in view of the fact that the country will undertake the EU Presidency during the second half of 2012.

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