The Council of Ministers by its Decision No. 78.292, dated 4.2.2015 adopted an Action Plan for Growth, which includes targeted measures in priority areas, as well as horizontal actions that are deemed to contribute significantly to improving competitiveness and business environment, job creation and a more balanced development model, which will be less susceptible to external shocks.
The objectives of the Action Plan for development reform and the adoption of a new model for a more competitive economy and the changes promoted under the Action Plan form the basis for the preparation of the Government Strategy Statement, which defines the overall objectives and direction of the Strategic Plans of Ministries and other government agencies.
For the progress on the implementation of the Action Plan the Council of Ministers is being informed, which on a periodic basis approves revised versions of the Action Plan. The most recent revised version of the Action Plan for Growth was approved by the Council of Ministers on 29th of November 2017 (Decision No. 83.813), in which measures to implement the European Commission's Recommendations for Cyprus for 2017 in the European Semester were included. The Ministries / Independent Services are actively involved in the implementation.
As part of the follow-up to the implementation of the Action Plan, progress reports are prepared on a half-yearly basis, reflecting the progress made in the actions identified as priority actions.