At least € 1.5 billion – this is the amount of economic assistance in Cyprus

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The Government of Cyprus is close to finalizing the approval of a package of measures to save the economy after Covid-19.

According to a senior official in the Ministry of Finance, they will amount to at least 1.5 billion euros, which is approximately 7% of GDP. Reported by CNA News Agency.

Last week, Finance Minister Konstantinos Petrides announced a € 700 million financial support package , equivalent to 3% of Cyprus’s GDP.

However, after meeting with Parliament, he announced that the government would approve additional measures, including the provision of government guarantees.

To this end, Finance Minister Konstantinos Petrides will hold a series of meetings with Central Bank Governor Konstantinos Herodotu on Monday and Tuesday with the participation of representatives of parliamentary parties and commercial banks.

The purpose of the meetings is to complete the preparation of the package of measures no later than tomorrow in order to resubmit it for approval by the Council of Ministers.

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