NICOSIA -- The Finance Ministry will Friday complete the drafting of a set of measures aiming at boosting growth, Minister of Finance said on Thursday.

Speaking during a press conference, Kazamias said the Ministry will complete the drafting of a stimulus package and will submit a proposal to the Council of Ministers.

He said the Ministry has already held contacts with other Ministries as well as with the social partners and that he will hold contacts with the political parties before the proposal is submitted to the Council of Ministers.

Furthermore, Kazamias clarified that the Russian loan of 2.5 billion EUR in combination with some renewals of current treasury bills will enable Cyprus to cover its refinancing needs for 2012.

He also clarified that the Russian loan will assist Cyprus to finance its 2011 fiscal deficit as well as that of 2012.

The Finance Minister said that a debt worth 1.3 billion will expire by February 3, adding that the Finance Ministry will sell bonds and treasury bills worth of 800 million, that is 500 million less than the expiring debt. He explained that these sum concerns foreign bond holders who, given the current financial circumstances, do not wish to refinance their bonds.

''This half a billion will be covered by the long-term loan which we have secured and as we announced today, its second installment has been received,'' he added.

In his statements, Kazamias appeared certain that the Cypriot Banks, (Marfin Laiki Bank and Bank of Cyprus) will be able to secure the necessary funds to achieve their recapitalization without state support.

Following the European Summit decision for a 50% haircut of the Greek debt, the two Cypriot banks must secure funds worth 3.53 billion euro to achieve a 9% Core Tier capital as stipulated by the capitalization exercise of the European Banking Authority.

''I believe that as things stand, the banks are in position to tackle any demands and issues might arise with regard to the Greek bonds,'' Kazamias said.

He added that during the Eurogroup (the Euro area Finance Ministers meeting) and the ECOFIN (the EU Finance Minister Council) meeting he along with his counterparts from Portugal and Malta pointed out that ''the issue of the Greek haircut is too serious to be left pending, because it creates problems.''

Kazamias also said that speaking to the Council he pointed out that the EU decisions for a European rating agency should be implemented.

Cyprus criticised a decision by Standard and Poor's earlier this month to downgrade the Cypriot economy to BB+ as unsubstantiated and accused the agency of serving other expediencies.

He noted that during an intervention in the ECOFIN council he referred to the issue of the rating agencies noting that this issue should addressed on the level of the European Commission.

''The decisions should be implemented,'' he said recalling that two years ago the President of the European Commission announced that Europe would set up a rating agency.

Kazamias said that in view of forthcoming decisions by rating agencies on Cyprus, the Ministry maintains a close contact with the agencies in a bid to provide them with full information on the prospects of the Cypriot economy as well as the exposure of Cypriot banks to Greece both in terms of Greek sovereign debt and loans to the Greek economy.

He also said that the Ministry will inform the rating agencies on the prospects created after the discovery of natural gas deposits in Cyprus' Exclusive Economic Zone and the decisions taken with regard to the second licensing round.

Last December rating agency Fitch announced it placed Cyprus and other five EU member-states on credit watch negative for a possible downgrade by maximum two notches. The decision will be announced by the end of January. Fitch's current rating for Cyprus is BBB.