Cyprus has so far weathered the storm, but the 2009 outlook is more uncertain, it is noted in Cyprus' Stability Programme (SP) for the period 2008-2012 which has been submitted to the European Commission.
The Stability Programme for the Period 2008-2012 which has been approved by the Council of Ministers on December 17, 2008 and subsequently amended on February 3rd, 2009, takes into account the European Commission’s recent proposal for a coordinated recovery plan to address the current economic downturn, and the joint conclusion adopted by the European Council in December 2008.
A key policy aim of the government is to promote growth and strengthen social cohesion. In this regard, the government aims at re-directing resources in favour of social expenditure and growth-enhancing expenditure categories, improving physical infrastructure in various segments of the economy while, at the same time, safeguarding macroeconomic stability.
