President of the Republic Nikos Christodoulides will announce targeted measures against rising living costs tomorrow.
Speaking to reporters after the parade marking the national anniversary of 25 March, the President said he will address the Cypriot people to present “specific, very targeted measures that touch many sectors of the economy”.
He said the government is in a position to introduce new measures due to what he described as responsible fiscal policy. He noted that measures exceeding €100 million are already in force.
Christodoulides said that without this fiscal approach the government would not have the same capacity to respond to the difficulties emerging from the regional crisis. He added that claims suggesting that “only the numbers are prospering” overlook the fiscal discipline that now allows the government to intervene.
Three scenarios under preparation
Asked what the measures will cover, the President said they will address sectors that have been affected by the current economic pressures.
He also said that the government has prepared three different scenarios of measures depending on how the situation evolves.
“We have also prepared other scenarios of measures which, depending on the development of the situation, will lead to further announcements,” he said.
“Hopefully they will not be needed. Hopefully the crisis will end tomorrow. But as a responsible government we have prepared scenario one, scenario two and scenario three depending on how the situation continues,” he added.
Christodoulides said the government’s approach is based on responsible management of public finances, noting that similar interventions have been made in the past when circumstances required it in order to respond to what he described as the reasonable demands of the Cypriot people.