Cyprus government prepares new cost-of-living relief package

The government of Cyprus is finalizing a new package of measures to combat the rising cost of living, with plans to present the proposal at the upcoming cabinet meeting this Wednesday. Finance Minister Makis Keravnos announced that the government is continuously evaluating economic data, specifically focusing on inflation and rising fuel prices to provide targeted support to vulnerable groups and low-income households. While the administration prioritizes targeted interventions, the Minister acknowledged that some measures may take a horizontal approach when specific targeting is not feasible.

These developments follow a meeting at the Presidential Palace involving President Christodoulides and representatives from major labor unions. Minister Keravnos noted that the Republic of Cyprus has consistently implemented support measures over the past two years, which he described as superior to those adopted by other countries facing similar economic challenges. Regarding potential protests, such as those announced by AKEL, the Minister emphasized the right to peaceful demonstration in a democratic society. The government's proposed strategy remains under final review ahead of its official presentation to the cabinet, where specific details regarding the nature and duration of the support are expected to be disclosed.