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New Cyprus Finance Minister sworn in
2005-09-01 12:19:29

Nicosia Aug 31 -- New Cyprus Finance Minister Michalis Sarris was sworn in on Wednesday at a special ceremony at the Presidential Palace, in Nicosia.

Mr. Sarris had retired a year ago from the World Bank. He joined the Washington-based organization in 1975, and was promoted to the post of Director. In the course of his career he worked on Africa, Latin America and East Asia.

Mr. Sarris succeeds Mr. Makis Keravnos who submitted his resignation after accepting an offer from the Hellenic Bank for the post of Senior Executive Director.

President Papadopoulos congratulated the new Finance Minister and wished him hard work and good luck for the serious and very important task that awaits him.

''Cyprus' economy still faces problems and our aim is to take further measures to consolidate and restructure our economy,'' Papadopoulos said, stressing that Sarris undertakes the obligation to implement the Convergence Plan submitted to the European Union.

''I believe that with its implementation we will achieve further improvement of our economic indicators and the curbing of the fiscal deficit within the limits set by the European Union, preparing for Cyprus' accession in the Monetary Union,'' the President added.

Mr. Sarris thanked Mr. Papadopoulos for appointing him Finance Minister and noted that the challenges Cyprus is facing is the continuing fiscal consolidation, the limiting of government spending and the monetary stability, ''which would allow our smooth accession to the Eurozone within the prescribed framework.''

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