President proposes measures to address foreclosure

During the International Investment Awards ceremony held by Invest Cyprus, President Nikos Christodoulides delivered a speech addressing the issue of foreclosures and their impact on the economy. He emphasized that implementing a complete ban on foreclosures would have adverse effects on the country's economic stability. The President recognized the vital role of investments in Cyprus, particularly in generating job opportunities for the younger generation.

Maintaining the credibility of the country emerged as a critical focus of President Christodoulides' remarks, as it plays a crucial role in attracting high-quality investments. He expressed the government's commitment to addressing this matter seriously and announced plans to present a comprehensive set of proposals to the House of Representatives. These proposals aim to provide protection for vulnerable citizens while simultaneously upholding the country's credibility.

In response to queries about the inclusion of the draft law for a special court on foreclosures within the proposed measures, the President confirmed its presence. He expressed confidence in the understanding of the Parliament regarding the importance of this issue and conveyed his belief that no one wishes to subject the country too risky situations. President Christodoulides emphasized the responsibility involved in approaching the matter and assured that the outcome would prioritize the protection of those in need while safeguarding the credibility of Cyprus.

Regarding the "Rent in Exchange for Installment" plan, the President advocated allowing sufficient time for the initiative to operate and gauge public interest. He clarified that the proposals being presented to the Parliament constitute a comprehensive package rather than a single solution. The overarching objective is to safeguard the well-being of individuals requiring assistance while maintaining the country's credibility.

In conclusion, President Christodoulides underscored the critical role of credibility in attracting investments to Cyprus. He expressed confidence in the effectiveness of the proposed measures in responsibly addressing the foreclosure issue and safeguarding the interests of vulnerable citizens. The President emphasized the significance of credibility as a means of honoring and recognizing the trust and confidence demonstrated by investors who have chosen to support Cyprus.

[With information sourced from PIO Office]