PRESIDENT Demetris Christofias yesterday called for stricter monitoring measures to tackle the consequences of the global financial crisis.
Speaking from Brussels after a European Council meeting, the president said that European leaders did not wish to adopt additional measures to tackle the crisis, putting faith in the initial measures already announced.
Christofias said his view was that stricter monitoring measures had to be taken. “State intervention, in the context of the market economy, plays a stabilising role, and we believe that the measures that have been taken should be continued and consistent,” he added.
On the issue of climate change, Christofias highlighted that Cyprus managed to double its EU funding from 5 to 10 million euro, saying: “We gave a struggle at the dinner and managed to secure another 5 million euro.”
He noted that the sum was not exorbitant, since the creation of an energy centre at Vassiliko would cost around €750 million alone.
He also expressed hope that the EU would discuss at some point the Cypriot study on the consequences of climate change for the island. Adapting to the changes is expected to cost Cyprus some one billion euro.
“We are requesting the contribution of the EU. At first, we will receive six million euro” to tackle the consequences of drought, he said.
The president said he did not expect the Employment Summit originally planned for May to take place, as many leaders were worried that it would create too high expectations among workers, the repercussions of which would be felt politically in the European Parliament elections in June.
“We, due to our positions, do not have such fears,” he said, adding that the government would support a social policy, which will lead to results.
In a presidential speech given .late Thursday to the Cyprus Investment Promotion Agency (CIPA), which was read out by Undersecretary to the President, Titos Christofides, Christofias
said the serious economic crisis and the subsequent recession, would have its repercussions on the local economy.
“No economic analyst can say for certain whether the economic crisis will get worse or how long it will last”, the President said, adding it is clear that the international economy was facing unprecedented uncertainty and instability.
“In this negative climate, the Cyprus economy is called to stand up to its reputation, exhibit its advantages and resist”, he said.
On attracting foreign investment, Christofias said it had multiple benefits and a direct positive impact on the economy of a country.
“In today’s international economic environment where competition is fierce to attract foreign investors, our effort should be continued, strong, systematic and coordinated, adding that for this reason Cyprus needs a special department to undertake this task with professionalism,”
he said.
In his speech, CIPA chairman Fidias Pilides, referred to the pessimistic messages from the prolonged recession of the international economy which had affected Cyprus, as well as the fact that the pace of foreign investment worldwide was slowing down. All countries, he added, were making intense efforts to attract a bigger share of foreign investments.
