CYPRUS
Cypriot Ministers vow to continue supporting the economy as pandemic subsides

Ministers of Finance and Labour, Welfare and Social Insurance vowed the Cypriot government will continue public support to business that continue ta face challenges as economic activity gradually returns to normal conditions and the pandemic shows signs of abating.

Speaking to the press, Finance Minister Constantinos Petrides said the two Ministries are assessing the situation following the restart of the economy as Cyprus exited a two-week lockdown in early May.

“Surely we will not leave sectors of the economy in need without support” Petrides said, noting that support will not be terminated abruptly in sectors of the economy in need of support taking into account fiscal sustainability.

On her part, Minister of Labour Zeta Eimilianidou said two Ministries are carrying studies to ascertain the sectors of the economy that continue to require public support and vowed that the government will continue supporting the sectors that need assistance on the basis of reduction of turnover.

Recalling that support measures contained unemployment to 7.5% in 2020, Emilianidou reiterated that the government will continue supporting both employees and businesses “so that unemployment will not rise dramatically and will not see businesses and especially small and medium-sized enterprises shutting down.”

Source: parikiaki.com

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