AKEL criticizes government reaction to S&P credit rating upgrade

On September 19, 2026, the opposition party AKEL issued a statement regarding the recent credit rating upgrade of the Republic of Cyprus by the rating agency Standard & Poor’s. While acknowledging the upgrade as a positive development for the national economy, the party attributed the success to the sacrifices of the workforce and general public, as well as international economic trends, rather than government policy.

AKEL expressed strong disagreement with the satisfaction voiced by the Christodoulides administration and the Minister of Finance. The party argued that the upgrade fails to provide tangible benefits for the average citizen as long as high inflation, energy poverty, and the housing crisis persist. AKEL also criticized the government for its alleged inability to address structural issues, including the mass sale of land to third-country nationals and mismanagement in energy, water, and environmental sectors.

The party emphasized that the government should prioritize resolving these domestic challenges rather than celebrating economic indicators. The statement reflects a deepening political divide regarding the practical impact of macroeconomic success on daily living standards for the majority of the population.