Cyprus’s booming economy must translate into real benefits for ordinary people, President Nikos Christodoulides declared today, insisting that rising national fortunes should mean fatter pay packets and better health, education, housing and welfare services for citizens — not just glowing headlines.
Speaking at the Presidential Palace following news of the country’s latest credit rating upgrade by an international ratings agency, the President hailed the boost as a major vote of confidence, describing it as proof of responsible governance and sound management of public finances.
But he was quick to stress that for his government, economic success only really counts if it’s felt in people’s pockets.
“For us, growth must trickle down into society — there needs to be an increase in disposable income, and we need to be able to invest in health, education, housing and the welfare state,” he said.
The President linked the country’s healthy fiscal position directly to its ability to roll out policies that boost citizens’ incomes, pointing to tax reform and pension reform as prime examples — the latter, he said, would provide a significant boost for the island’s pensioners.
“For us, real growth means it filters down into society, into the family, into the middle class, into every single citizen,” he added.
€3.5 Billion Building Bonanza On The Horizon
In further good news, the President also lifted the lid on plans to tap into European Union funding for the 2028-2034 period, revealing that a political decision on the various EU funds — starting with the Cohesion Fund — is expected by the end of 2026.
Cyprus stands to receive more than €2.5 billion from the Cohesion Fund alone, he said, with the total package — including national contributions — swelling to a whopping €3.5 billion earmarked for projects over the next seven years.
“Over the next seven years, projects worth 3.5 billion euros will be carried out,” the President confirmed, adding that the Council of Ministers must finalise decisions on the projects by September 2027 at the latest, so Brussels can be informed accordingly.
He urged local communities to get moving now on preparing their projects, so they’re ready to seize on the funding the moment it becomes available — insisting the works would help transform towns and communities across the island, with the ultimate goal, he said, of making life better for ordinary citizens, day to day.
