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Finance Minister Keravnos Addresses Public Sector Concerns Amid IMF Recommendations

In a recent statement, Cyprus’s Finance Minister Makis Keravnos reassured public sector employees following recommendations from the International Monetary Fund (IMF). Speaking to Philenews, Keravnos emphasised that there is no immediate cause for concern regarding job security or wages for public sector workers, aiming to alleviate anxieties sparked by the IMF’s review.

IMF Recommendations: A Double-Edged Sword

The IMF’s review, while recognising Cyprus’s economic recovery and growth prospects, highlighted the need for structural reforms, including those related to the public sector. The recommendations included calls for greater fiscal discipline, enhanced efficiency, and potential rationalisation of public sector employment and wages. These suggestions are part of the broader effort to ensure long-term economic stability and resilience.

However, such recommendations often evoke apprehension among public sector employees, who fear potential job cuts, wage freezes, or other austerity measures. The public sector in Cyprus, being a significant employer, plays a crucial role in the island’s socio-economic fabric, making any proposed changes particularly sensitive.

Keravnos’s Reassurances

In his address, Minister Keravnos sought to calm these fears. He emphasised that the government acknowledges the importance of the public sector and its contribution to the economy and society. Keravnos assured public employees that the government’s approach would be measured and considerate, aiming to balance fiscal responsibility with the need to maintain public sector stability and morale.

Keravnos highlighted that while the IMF’s recommendations are valuable, they are advisory and will be adapted to fit Cyprus’s unique context and needs. He underscored that any reforms undertaken would not be abrupt or unilaterally imposed but would involve dialogue and consultation with all stakeholders, including public sector unions and employees.

UAE Job Trends For 2025: High-Demand And Lucrative Roles Revealed

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.

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