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Finance Minister says Cypriot economy on right track
2005-01-18 12:41:33

Larnaca, Jan 17 (CNA) - Cypriot Minister of Finance Iacovos Keravnos said today that the European Commission believes ''the Cypriot economy is developing in the right direction and in the framework set out by the Convergence Programme,'' adding that ''with the positive developments in our economy, we will join the Exchange Rate Mechanism II the soonest possible.''

Keravnos was speaking at Larnaca Airport on departure for Brussels to participate in tomorrow's meeting of European Union Finance Ministers (ECOFIN), which he said would present the priorities of the Luxembourg EU presidency and discuss issues such as the financial prospects for the period from 2007 to 2013.

He said they would exchange views on the financial consequences the Tsunami caused to southeastern Asia and the actions of Europe towards alleviating the suffering of the victims.

They will discuss the implementation of the Stability and Development Pact provisions for a number of countries, with special reference to Greece and Hungary, which ''appear to have some problems,'' he added.

Keravnos said Cyprus' Convergence Programme has been studied by the EU and ''has been deemed satisfactory, thus we are not included in this process.''

Referring to the euro, Keravnos said Cyprus has prepared a strategic plan in cooperation with the Central Bank and noted that ''with the positive developments in our economy, we will join the Exchange Rate Mechanism II the soonest possible.''

Replying to questions, Keravnos said the government was monitoring the movement of capital to and from the Turkish occupied areas of the Republic, noting that it was not a matter of concern.

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