World Bulletin / News Desk
Turkish Cypriot prime minister has said his government planned increased investments in a two-year economic program for 2013-2015, adding that improvement in Turkey's economy had positive impacts on the economy of the Turkish Republic of Northern Cyprus (TRNC).
Irsen Kucuk told The Anadolu Agency on Wednesday that the new investment program would be given its final shape after consultations with Turkey, which he said carried out 90 percent of overall investments in the TRNC.
Kucuk said the Turkish Cypriot economy has been growing since 2010, and that the Turkish Cypriot state planning board estimated a 3 percent growth rate for 2012.
The TRNC prime minister said the government's austerity program had begun yielding results with an increase of 3-4 percent in budgetary revenues which reached over 2 billion Turkish liras.
Kucuk said the economic program also included more investments in infrastructure, adding that the prospective Turkish supply of water and electricity in March 2014 promised to make major contributions to the Turkish Cypriot economy.
Stabilised political and security situation, the launch of government initiatives toward fiscal consolidation and strong support from external donors are some of the reasons given for improved economic outlook.
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