FinMin: Government considering new support measures

15:04 - 02 October 2023

Economy

The Finance Ministry is considering new measures to support the vulnerable groups of society amid continuing pressure from high prices and inflation, Finance Minister Makis Keravnos said.

Keravnos, who was speaking during a visit to the Cyprus Institute of Neurology and Genetics, said the measures were in the pipeline irrespective of the rating upgrades by Moody’s and DBRS Morningstar.

He noted that following the drafting of the 2024 state budget the Ministry continued working on this issue, adding the measures are expected to be announced “in the coming period”.

“Various scenarios are being quantified and what we are looking at, is not only to announce measures, but to announce measures that will assist particularly the vulnerable groups, but also measures that could be immediately implemented,” he said.

Furthermore, Keravnos welcomed the two-notch upgrade by Moody’s rating agency, which places Cyprus credit rating in investment-grade status after 12 years.

He noted that the upgrade is significant because it will assist the government in obtaining the necessary funding with good terms, which will help the broader economy and society, and that it sends a message to foreign investors and investment firms in Cyprus that the Cypriot economy can absorb and utilise these investments.

(Source and photo: CNA)

FinMin: Government considering new support measures

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