Cyprus Government submitted to the House a new bill on the privatization

The Government submitted to the House of Representatives a new draft bill on the privatization of semi-state organizations, after the bill’s rejection by the House Plenary on Thursday, Government Spokesman Christos Stylianides has said.

Speaking after today’s meeting of the Cabinet, Stylianides said that the bill includes the amendments which were discussed with the parliamentary parties and were approved by the Finance Minister.

Stylianides said that things are very crucial and the developments are very dramatic and expressed hope the Plenary to approve the new Bill in order not to negatively affect the credibility and the status of the Republic of Cyprus at a moment the country regains its reliability.

With the new bill it is clear that the role of Parliament is maintained during the whole process of privatization and, simultaneously, the rights of employees are safeguarded, the Spokesman noted.

The privatization of semi-state organisations is one of the preconditions set in Cyprus’ bailout agreement with international lenders (European Commission, ECB, IMF).