Cyprus government reports over one billion euro in anti-inflation support since 2023

Cypriot Finance Minister Makis Keravnos announced that the government has allocated over €1 billion since 2023 to mitigate the rising cost of living. This support has been distributed through five distinct aid packages, which the government says are necessary to address imported inflation caused by the energy crisis and ongoing global military conflicts.

Minister Keravnos emphasized that these social measures are made possible by maintaining a resilient economy through responsible fiscal management, specifically highlighting the role of budget surpluses and public debt reduction in funding these initiatives. The government’s broader economic strategy includes upcoming tax reforms scheduled to take effect in January, which aim to further improve the available income for citizens.

Existing policy initiatives have already benefited approximately 200,000 people, with over 50,000 individuals now exempt from income tax. The administration intends to continue this approach, focusing on supporting workers, households, and small businesses to counteract the economic pressures resulting from the current international climate.