Finance Minister examines measures to address inflation

Government prioritizes measures to address electricity prices, stated Minister of Finance Makis Keravnos, noting that they are working this weekend to announce the measures promptly.

Responding to questions from journalists on the sidelines of the park inauguration in the Municipality of Lakatamia, the Minister said that people must have certainty about the government’s determination to stand by and with vulnerable groups and the middle class.

He added that a series of measures will be presented to the Council of Ministers, some of which will be known and possibly some new ones.

“We are working on them, and this weekend we will work on the measures to be ready on time, not to leave people without the necessary assistance,” he said.

Asked about whether the reduction in fuel consumption tax will continue, he stated that the measures taken by the government in the previous period worked, along with other economic policy measures, to tame inflation.

“At the same time, they helped the middle class and vulnerable groups to cope with distortions stemming from price hikes and inflationary pressures. And that’s what we will continue to do,” he said.

He also emphasized that the problem is the high cost of electricity.

“This is the priority, this is what we will address first, and for the rest, we are monitoring and processing proposals,” he said.

Asked whether the measures will be targeted, he mentioned that the effort is for targeted measures to be more effective, to be within the framework of fiscal discipline, and in line with the guidelines of the European Commission and the International Monetary Fund, which monitor and evaluate the Cypriot economy.

Asked whether he is concerned about the course of the Cypriot economy in 2024, taking into account international developments, the Minister said that he is not concerned about the course of the Cypriot economy, as based on the latest data released, the Cypriot economy is one of the best-performing economies with the highest growth rate in the EU, after Malta.

“However, this does not stop us from operating preventively, processing, and observing the challenges around us, and taking timely measures to keep our economy on the right track,” he said.

He added that Cyprus must pay attention to two important things: the sovereignty of the Republic of Cyprus, and its economy.

These, as he said, are the pillars that must be maintained and carefully monitored because they constitute the solid foundations of the country.