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Minister of Finance Harris Georgiades has assured the leadership of the Fiscal Council of the government`s firm commitment to balanced budgets and the avoidance of any fiscal deficits.

The Minister held a meeting on Friday with the chairman and members of the Fiscal Council, which is appointed by the Council of Ministers, and its mission is -according to its website - the timely and effective public intervention aimed at the avoidance of a fiscal derailment that will entail the adoption of socially painful measures, and that could be avoided by effective fiscal management that includes counter-cyclical and macro-prudential policies. Its mission also includes the safeguarding of fiscal stability, which is a fundamental foundation, upon which better prospects for long term prosperity for the economy and its citizens can be built.

In statements after the meeting, the Minister said that he assured the members of the Fiscal Council that the government`s fiscal policy is clear, and remains strictly within the limits of the balanced budget.

Georgiades added that the government`s position is that the avoidance of deficits "is a fundamental prerequisite for macroeconomic stability, which in turn ensures conditions for growth, economic activities, investments and the creation of jobs".

He also said that the government counts on the cooperation with the Fiscal Council.
 
Meanwhile, replying to other questions, the Minister said that Cyprus is expected this year to tap again the international markets, and expressed conviction that the markets will reaffirm their confidence towards the Cyprus economy.

The Republic of Cyprus, he added, has long restored its access to the international markets.
 
In his statements, Chairman of the Fiscal Council Demetris Georgiades told the press that  the priority is to reduce public debt as soon as possible.

Concluding, he said that after the discussion with the Minister, the members of the Council have more confidence in the course of the public finances and that there will be no derailment at least in the coming years.