Cyprus President Christodoulides evaluates new economic support measures

Cypriot President Nikos Christodoulides has announced that the government is considering additional economic support measures to combat the rising cost of living. He noted that existing support measures already implemented by the administration exceed €1 billion.

The President outlined a three-pillar strategy to address economic pressures: providing immediate relief, such as zero VAT on specific products; increasing disposable income through tax reforms, minimum wage increases, and pension reforms; and implementing institutional solutions for long-term stability, including advancements in natural gas developments.

Christodoulides emphasized that Cyprus maintains the fiscal capacity to act due to responsible fiscal policies. He also mentioned that certain proposed measures, such as the potential elimination of taxation on fuel, may require approval from the European Commission. The government continues to coordinate with EU leadership and the ECOFIN Council to address energy prices and economic stability.