Cyprus News Agency: News in English (PM), 99-05-06

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] FEE Conference - Public Sector - Finance Minister

[02] Cyprus Stock Exchange

[03] Cyprus - Russia - Bilateral agreement

1440:CYPPRESS:01

[01] FEE Conference - Public Sector - Finance Minister

Among the speakers are Cyprus' chief negotiator for accession to the European Union (EU) George Vassiliou, FEE's Vice President Cees Dubelt, and a number of professionals from Cyprus, Greece, the UK, Germany, the Netherlands, Spain and other European countries.

The Conference, taking place in Cyprus for first time, is organised by the FEE and the Institute of Certified Public Accountants of Cyprus (ICPAC).

Addressing the Conference, Minister of Finance Takis Clerides said Cyprus' public sector must improve its performance, which is a prerequisite for the improvement of the competitiveness of the whole economy.

Clerides described the improvement of the public sector's performance as an "absolute necessity" and the improvement of the economy's competitiveness as "one-way road".

In order to achieve these goals, the government, political parties and social partners must reach a consensus, he pointed out, adding that all parties agree that productivity in the public sector is low, operating costs are high and decision making is time-consuming.

Clerides said the government has prepared an action plan in order to modernise the public sector and improve both its performance and the quality of services offered by public servants.

He added the government will propose more efficient hiring process, working timetables and methods of monitoring and assessing the performance of public servants.

It will also propose measures for curbing both the employment in the public sector and its operating costs, Finance Minister noted.

On his part, ICPAC President Ninos Hadjirousos pointed out "it is not possible for the private sector in a country to be productive and competitive if the public sector has excessive regulations and controls and extensive bureaucracies".

The public sector "should become more competitive and for this purpose, among other things, there must be some kind of competition from the private sector", Hadjirousos said, adding that this scenario was witnessed in the island's media sector.

Cyprus, along with Estonia, Slovenia, Poland, Hungary and the Czech Republic started substantive accession negotiations with the EU in November 1998.

CNA GG/GP/1999

ENDS, CYPRUS NEWS AGENCY

1540:CYPPRESS:02

[02] Cyprus Stock Exchange

      CSE General Index                         127.52 (-0.07)

      Traded Value            CYP  5,158,839

      Sectural Indices

      Banks                   CYP 2,985,899     165.07 (-0.13)
      Approved Investment
      Companies               CYP    46,700      73.85 (-0.59)
      Insurance Companies     CYP    39,463      74.28 (-1.30)
      Manufacturing Companies CYP    33,918      90.27 ( 0.11)
      Tourism Companies       CYP   254,944      97.52 ( 0.98)
      Trading Companies       CYP   204,537      48.95 ( 0.45)
      Other Companies         CYP   379,623      86.38 (-0.09)

CNA MCH/1999

ENDS, CYPRUS NEWS AGENCY

1650:CYPPRESS:03

[03] Cyprus - Russia - Bilateral agreement

The discussion was held between Interior Minister, Christodoulos Christodoulou and Russia's Ambassador to Cyprus, Georgi Mouradov.

The bilateral agreement will cover emergencies such natural disasters, fires, earthquakes and civil defence issues.

Speaking after the meeting Mouradov said there was a wide range of issues on which Russia can cooperate with the Interior Ministry, adding that "today we have set out the course of this cooperation".

CNA AA/EC/MCH/1999

ENDS, CYPRUS NEWS AGENCY

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