The government has welcomed the approval by the House plenary on Tuesday of the privatisations bill.

In a written statement, Government Spokesman Christos Stylianides says that the vote of the bill, which was initially rejected last Thursday, reinstates the level of credibility and prestige the country has managed to attain over the past year during which the people of Cyprus had to make great sacrifices.

At the same time, Stylianides adds, the decision paves the way for the implementation of certain provisions of the bill which aim to modernise and restructure the semi-governmental organizations (SGOs), which are due to be privatised, to the benefit of staff, consumers and the economy in general.

The process, he notes, will undoubtedly offer new possibilities and the framework to improve the economy’s growth prospects with a view of recovering from the crisis.

The Cyprus Parliament adopted on Tuesday a bill on the privatization of semi-governmental organisations (SGO’s) with 30 lawmakers in favour, 26 against and no abstentions.

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

March 5 is the deadline for meeting this commitment set out in Cyprus’ bailout programme.