Cyprus government reports over 1 billion euros spent to combat inflation

Cyprus Finance Minister Makis Keravnos announced that the government has allocated over one billion euros since 2023 to mitigate the impact of inflation. These funds were distributed through five separate support packages aimed at protecting the purchasing power of workers, vulnerable individuals, and households. The Minister attributed the ongoing cost-of-living crisis to imported inflation caused by the energy crisis and global military conflicts.

Keravnos emphasized that responsible economic management, characterized by fiscal surpluses and a reduction in public debt, has enabled the state to fund these interventions while supporting small businesses. He highlighted that the government's long-term strategy focuses on maintaining a resilient economy to ensure social welfare. Additionally, he noted that a new tax reform, which became effective in January, has been implemented to benefit approximately 200,000 citizens. The government maintains that these measures are part of a continuous effort to return the benefits of economic growth to society.