Three essential pillars to support sustainable development
The achievement of a sustainable development relies on the exploitation of our comparative advantages, on the healthy banking sector and public finances, on bold structural reforms, as well as on peace and stability, Deputy Minister Constantinos Petridis stressed on the sidelines of the 5th Economic Congress hosted by Alpha Bank.
Petrides referred to three pillars of striking importance for the creation of sustainable development, as well as to the solution of the Cyprus problem, which would guarantee a further growth.
Referring to the first pillar of growth which is the banking sector, Petrides said that after its recapitalization, the main challenge is to be faced is the management of the large proportion of non-performing loans.
In relation to the second pillar which is related to state’s fiscal position, Deputy Minister said that after the reduction of state’s expenditures and budget’s deficit, the state needs to ensure that the public finances and the state payroll would remain on a sustainable path.
The third and most important pillar of economic reform, according to Petrides, is to draft a "comprehensive national program of structural reforms", which would go beyond the basic requirements of the supporting program.
Deputy Minister described the combination of fiscal consolidation, the existence of a sound financial sector and the implementation of a national program of structural reforms to be of vital importance.
Finally, he referred to another important pillar of growth, that is, the solution of the Cyprus problem, noting that peace, regional stability and open markets are the key factors for economic development, business and investment.