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New support measures are coming due to the effects of the Russian invasion

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Additional measures to support groups of the population, to mitigate the effects caused by the Russian invasion of Cyprus are being worked out by the government. According to information from “F”, the ministries have already prepared a plan to strengthen various economic sectors.

A competent source told “F” that these are measures to support companies, the agricultural sector and the consumers. The measures are likely to be announced in the coming days and will not only concern financial support, but also other assistance to the affected businesses.

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However, the government will expect similar moves by the European Union to the Member States, to address and this crisis. As we have been told, in anticipation of the European decisions – which may concern a multilevel financial aid package, similar to the one given for the pandemic – the Cypriot side is working out its own measures.

At the next meeting of the Council of Ministers, the Minister of Agriculture is expected to submit a specific proposal on the hot issue of grain adequacy and accuracy, while in the next period will follow measures to strengthen the tourism sector and vulnerable consumers. Something that Government Spokesman Marios Pelekanos mentioned in his statements yesterday. As he said, on the issue of tourism, some measures could be evaluated that could be taken to mitigate the effects of the loss of Russian and Ukrainian tourists. The new measures that will be taken will be a continuation of the tax breath given last Thursday by the Council of Ministers, which decided to reduce excise duties on fuel, as well as to extend the reduction of VAT on electricity.

From Tuesday the 8th of the month until June 1, excise taxes on gasoline and diesel will be reduced by 8.3 cents per liter, while heating oil will be lower by 5.3 cents. At the same time, until the end of April, households will continue to pay 9% VAT on electricity, while vulnerable consumers will pay 5% VAT on the EAC bills by the end of June.

The state mechanism on standby

In order to better coordinate the whole situation, at yesterday's meeting under the President of the Republic, it was decided to set up two inter-ministerial committees, which are called to decide quickly and efficiently. One inter-ministerial committee will consist of the Ministers of Energy, Transport, Foreign Affairs, Interior, Justice and the Deputy Minister in addition to the President, and the second will consist of the Ministers of Energy, Finance, Transport and the Deputy Minister of Shipping.

At yesterday's meeting, ministers and deputy ministers presented the problems that the country will face, from the war and the sanctions. According to Mr. Pelekanos, a first assessment was made of a comprehensive approach to the legal, economic, political and other consequences that will arise, emphasizing that the President of the Republic instructed that all stakeholders be on standby and asked that all aspects be closely monitored. . As he said, the whole mechanism will be on alert, emphasizing that “our country, like all other European countries, will have effects in various sectors of the economy. However, it was found that with the data so far the consequences for our country are manageable, and within the capabilities of the state “.

In the meantime, for his part, the Governor of the Central Bank Konstantinos Herodotus informed about the possibility of consequences in the banking sector. As the Government Spokesman said, with the current data there is no reason for concern. The whole situation will be monitored and evaluated, while the government will be in constant consultation, both with the social partners and with the political forces.

Source: www.philenews.com

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