Cyprus Government announces a new €150 million economic support package to deal with the effects of the pandemic


Cyprus Government announced today a new € 150 million package of measures to support the economy to deal with the effects of the COVID-19 pandemic, in a joint press conference of Finance Minister Constantinos Petrides and Minister of Labor, Welfare and Social Security Zeta Emilianidou.

The new economic support package includes five more targeted plans by the Ministry of Labor, Welfare and Social Security to support workers and businesses over the next four months. Beneficiaries of the plans are expected to rise to 50,000.

The third phase of the program to support workers and businesses affected by the coroner’s restrictive measures is currently being announced jointly by the finance and labor ministers, which includes five new, even more targeted plans with parallel strict controls to prevent abuses. 

Overall, the government’s support policy for the real economy has been extended over three phases, with measures trying to meet the real needs of the production process, but mainly to avoid job losses: during restrictions on the movement and operation of businesses. during the gradual lifting of restrictions (to this day), as well as during the period of substantial restart of the economy, from now on. 

According to Konstantinos Petridis, the new package consists of five new, more targeted plans which were drawn up after a dialogue with the social partners and will cover the period of 4 months with the aim of restarting the economy. 

The new plans are mainly based on a more targeted continuation of employment support measures in areas that continue to be affected by the pandemic, while governed by a very strict control framework that aims to prevent any abuse. 

Asked by Economy Today and asked to comment on the statements of the Director General of the Ministry of Finance in the “First Show” of Radio Proto for a new exit to the markets by the end of the year in order to meet the new needs from the pressures due to the new packages Mr. Petridis responded that the plan is medium-term and each time the new data are examined in order to make decisions. 

Any exit to the markets, he added, will be aimed at either raising new liquidity to finance needs or refinancing debt. 

The cost of the third phase amounts to 150 million euros.